R 390.1441
R 390.1441 Eligibility for federal interest benefits.
Cite as Mich. Admin. Code R 390.1441
Rule 41. (1) A borrower who obtained a loan after November 7, 1965, may be
eligible for federal interest benefits if the borrower meets the eligibility requirements
set forth in the act.
(2) A student loan disbursed before November 8, 1965, is not eligible for federal
interest benefits. Interest accruing on such a loan shall be deferred and made a part of
the principal when the repayment period begins.
(3) For a loan disbursed before November 8, 1965, a payment of 3% simple interest
accrued on a loan before inception of the repayment period shall be made by the
authority if the borrower has graduated or completed the originally intended course of
study. The borrower shall pay the entire 6% simple interest during the repayment period.