NRS 397.063
Western Interstate Commission for Higher Education’s Loan and Stipend Fund

  • use of money in Fund
  • required terms of student loans made before July 1, 1985.

1.

All contributions from participants must be accounted for in the Western Interstate Commission for Higher Education’s Loan and Stipend Fund which is hereby created as an enterprise fund.

2.

The three Nevada State Commissioners, acting jointly, shall administer the Fund, and the money in the Fund must be used solely to provide:

(a)

Loans to; and

(b)

Contractual arrangements for educational services and facilities for,
Ê residents of Nevada who are certified to attend graduate or professional schools in accordance with the provisions of this chapter.

3.

Loans from the Western Interstate Commission for Higher Education’s Loan and Stipend Fund before July 1, 1985, and loans made to students classified as continuing students before July 1, 1985, must be made upon the following terms:

(a)

All loans must bear interest at 5 percent per annum from the date when the participant receives the loan.

(b)

Each participant receiving a loan must repay the loan with interest following the termination of the participant’s education or completion of the participant’s internship in accordance with the following schedule:

(1)

Within 5 years for loans which total less than $10,000.

(2)

Within 8 years for loans which total $10,000 or more but less than $20,000.

(3)

Within 10 years for loans which total $20,000 or more.

(c)

No participant’s loan may exceed 50 percent of the student fees for any academic year.

Source: Section 397.063 — Western Interstate Commission for Higher Education’s Loan and Stipend Fund; use of money in Fund; required terms of student loans made before July 1, 1985., https://www.­leg.­state.­nv.­us/NRS/NRS-397.­html#NRS397Sec063.

397.005
“State” defined. 397.010
Execution of compact authorized 397.020
Form and contents. 397.030
Commissioners: Number 397.040
Authority of state officers 397.050
Western Regional Higher Education Compact Account: Creation 397.055
Contract with institution or state outside region. 397.060
Choice and certification of applicants 397.062
Western Interstate Commission for Higher Education’s Account for Administrative Expenses. 397.063
Western Interstate Commission for Higher Education’s Loan and Stipend Fund 397.064
Required terms of participant loans made on or after July 1, 1985 397.065
Repayment of state’s contributions for stipends by participant who received stipend before July 1, 1995. 397.066
Insurance as security for stipend or loan 397.067
Conditions under which immediate repayment of loan may be required. 397.068
Penalties for failure to comply with regulations. 397.069
Extension of period for repayment of loan or stipend. 397.070
Accounts, biennial reports and recommendations. 397.080
Signing Compact. 397.0557
Western Interstate Commission for Higher Education authorized to apply for and accept grants 397.0615
Support fee to be provided to chosen applicant 397.0617
Condition to receipt of support fee: Requirement that certain participants practice profession in health professional shortage area, medically underserved area or to benefit medically underserved population 397.0645
Period that participant must practice profession in Nevada to avoid repayment of state contributions 397.0653
Repayment of stipends received on or after July 1, 1995 397.0655
Delegation of negotiation of terms of repayment. 397.0685
Reduction of period of required practice. 397.0695
Credit on loan for professional services provided without compensation.
Last Updated

Jun. 24, 2021

§ 397.063’s source at nv​.us