23-38.10:3 - Loans to students - Virginia Statutes

§ 23-38.10:3. Loans to students.

A. Any institution may make loans from its student loan fund only to needystudents who might be unable to attend such institution without such loansand who are duly admitted into degree or certificate programs at theinstitution. Such loans shall be made upon such terms and according to suchrules as may be prescribed by the governing board of the institution.

B. In any one academic year no student may receive a loan or loans from thefund of an institution which would result in that student owing a netoutstanding amount at the end of that year in excess of the tuition andrequired fees charged by the institution.

C. The rate of interest charged on loans to students from a fund shall bethree per centum per annum.

(1978, c. 745; 1991, c. 590.)