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Code · North Dakota · Title 15 · Chapter 15-62.1 — Guarantee Loan Program

15-62.1-03. Rates of interest permissible for guaranteed loans.

110 words·~1 min read·/nd/title-15/chapter-15-62-1-guarantee-loan-program/15-62-1-03·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

All loans guaranteed by the agency and coinsured by the federal government must bear interest at rates which are no greater than those provided under the federally coinsured loan programs. In the event that the agency guarantees student loans without federal coinsurance pursuant to section 15-62.1-02, the interest rate on such loans may be fixed or variable. Any prohibition on the capitalization of interest does not apply to loans guaranteed under this chapter. A loan guaranteed under this chapter may provide for interest which remains unpaid at
the end of any period specified in the loan to be added to the principal amount of the debt and thereafter accumulate interest.
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