                                 CODE OF VIRGINIA

LOANS TO STUDENTS (§ 23.1-618)

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.

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.

HISTORY: 1978, c. 745, § 23-38.10:3; 1991, c. 590; 2016, c. 588.