Virginia Code 23.1-618: Loans to students.
A. Any institution may make loans from its fund only to needy students who might be unable to attend such institution without such loans and who are duly admitted into degree or certificate programs at the institution. Such loans shall be made upon such terms and according to such rules as may be prescribed by the governing board of the institution.
Terms Used In Virginia Code 23.1-618
- Fund: means a student loan fund. See Virginia Code 23.1-617
- Governing board: includes the State Board and the board of visitors of each baccalaureate public institution of higher education. See Virginia Code 23.1-100
- Institution: means a public institution of higher education that has established a student loan fund from appropriations from the general fund of the state treasury for fellowships, scholarships, and loans. See Virginia Code 23.1-617
- Student: means a medical student, dental student, intern, resident, or undergraduate student who is entitled to reduced rate tuition charges pursuant to Chapter 5 (§ Virginia Code 23.1-617
B. In any one academic year, no student shall receive a loan from the fund of an institution that would result in such student owing a net outstanding amount at the end of that year in excess of the tuition and mandatory fees charged by the institution.
C. The rate of interest charged on loans to students from a fund is three percent annually.
1978, c. 745, § 23-38.10:3; 1991, c. 590; 2016, c. 588.