A STEM student applying for a loan under section 12922 shall enter into an agreement with the authority that includes the following provisions. [PL 2015, c. 435, §1 (NEW).]
1. Principal; interest. Upon completion of postsecondary education, the STEM student shall repay the entire principal of the loan plus simple interest. Interest does not begin to accrue until 6 months following completion of the loan recipient's education, withdrawal from school or discontinuance in school.
2. Term of loan. Loans must be repaid over a term no longer than 10 years, except that the authority may extend a loan recipient's term as necessary to ensure repayment of the loan.
Repayment must commence within 6 months following completion of the loan recipient's education, withdrawal from school or discontinuance in school.