Loan Fee

01. Loan Fee. The Department may elect to impose a loan fee when necessary to offset the costs of administering the loan program, to provide planning assistance, or to otherwise facilitate the operation of the loan efforts. The loan fee will not exceed one percent (1%) of the unpaid balance of the loan at the time each loan payment is due. (7-1-26) 02. Effect on Loan Interest Rate. The loan interest rate, as described in Section 050, will be reduced by the corresponding percentage of the loan fee. (3-24-22) 03. Payment of Loan Fee. The loan fee will be due and payable concurrently with scheduled loan principal and interest repayments over the repayment period. (7-1-26) 033. – 039. (RESERVED)