Investment of Funds in Loans to the Teachers

1. LOANS GUARANTEED BY CONTRIBUTIONS C. Contribution Loans Any teacher, member of the System, with permanent, probationary, or one year contract, provided this last contract has been renewed for more than three consecutive years, may be granted a loan for an amount not to exceed the total amount of his contributions and not less than $300. This loan shall be repaid in monthly installments equal to at least 3 percent of the amount of the loan. The same shall be repaid in 34 months and may be renewed after 10 months from the date granted, provided that 10 installments have been paid.