1981-1982 Academic Catalog

34 The statute governing the NDSL program does not restrict the amount which may be granted per academic year. However, the aggregate of all loans for all years from the NDSL funds may not exceed: (I) $I 0,000 in the case of any graduate or professional student, including any loans from such funds made to such person before he or she became a graduate or professional student; (2) $6000 in the case of a student who has successfully completed two academic years of a program of education leading to a bachelor's degree, but who has not completed the work necessary for such a degree, including any loans from such made to that person before he or she became such a student; and (3) $3000 in the case of any student who has not completed two academic years of a program of education leading to a bachelor's degree. Repayment begins six months after graduation or when a stu– dent leaves school for other reasons. One may have up to I0 years to pay back the loan. This would depend on the aggregate amount borrowed. During the repayment period, the borrower will be as– sessed four percent interest on the unpaid balance of the loan prin– cipal. No payments are required for up to three years while one is serving in the Armed Forces, Peace Corps, Vista, or other areas of special service. The financial aid director will explain to the student applicant about loan cancellation provisions for borrowers who go into cer– tain fields of teaching or specified military duty. Commercial Payment Plans for Educational Costs This plan enables students and parents to pay education ex– penses in monthly installments. Low cost deferred payment pro– grams are available through nationwide organizations specializ– ing in education financing. All plans include insurance on the life of the parent, plus trust administration in event of the parents' death or disability. Agreements may be written to cover all -costs payable to the school over a four-year period in amounts up to $16,000. Parents desiring further information concerning these deferred payment plans should write The Tuition Plan, Concord, New Hampshire 03301.