Director authorized to negotiate terms of repayment of loan or stipend; collection of debt.

1. Pursuant to NRS 397.0655 , the Director of the Western Interstate Commission for Higher Education may negotiate the terms of repayment of a loan or stipend, including, without limitation, how and when a recipient of a loan or stipend who is in default will be required to make payments. 2. If a recipient of a loan or stipend is in default of payment for 120 days or more, the Director may coordinate debt collection efforts as the Director deems necessary.