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.
1978, c. 745, § 23-38.10:3; 1991, c. 590; 2016, c. 588.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 6 - Financial Assistance
§ 23.1-600. Participation in and eligibility for state-supported financial aid programs
§ 23.1-604. Investment of funds donated for scholarships
§ 23.1-605. Commissioned officers; waiver of tuition and mandatory fees
§ 23.1-607. Compensation of cooperating teachers
§ 23.1-607.1. Veterans; withdrawal; tuition refund
§ 23.1-608. Virginia Military Survivors and Dependents Education Program; tuition and fee waivers
§ 23.1-608.1. Virginia Military Survivors and Dependents Education Fund; stipends
§ 23.1-609. Surviving spouses and children of certain individuals; tuition and fee waivers
§ 23.1-610. Members of the National Guard; grants
§ 23.1-610.1. Veteran Student Transition Grant Fund and Program
§ 23.1-611. Students from foreign countries; student exchange programs; tuition and fee waivers
§ 23.1-611.1. Financial aid award notification
§ 23.1-612. Unfunded scholarships
§ 23.1-613. Alumni scholarships
§ 23.1-614. Nursing scholarships
§ 23.1-615. Soil scientist scholarships
§ 23.1-615.1. Enslaved Ancestors College Access Scholarship and Memorial Program
§ 23.1-616. Stephen J. Wright Scholars Program established
§ 23.1-619. Collection of loans
§ 23.1-621. Additional student loan funds
§ 23.1-623. Two-Year College Transfer Grant Program; Council regulations
§ 23.1-624. Eligibility criteria
§ 23.1-626. Determination of domicile
§ 23.1-627. State financial aid eligibility
§ 23.1-627.2. New Economy Workforce Credential Grant Program; purpose
§ 23.1-627.3. New Economy Workforce Credential Grant Fund and Program established; administration
§ 23.1-627.6. Eligible institutions; academic credit; noncredit workforce credentials
§ 23.1-627.7. Eligible institutions and the Council; reporting
§ 23.1-628. Tuition Assistance Grant Program
§ 23.1-629. Council designated as administering agency
§ 23.1-630. Maximum amount of tuition assistance per student
§ 23.1-631. Eligibility; duration
§ 23.1-632. Eligibility; Selective Service registration
§ 23.1-633. Receipt of other financial aid by students
§ 23.1-634. Prompt crediting and expeditious refunding of funds
§ 23.1-635. Determination of domicile; Council oversight and reports
§ 23.1-636. Virginia Guaranteed Assistance Program; Council to adopt regulations
§ 23.1-637. Virginia Guaranteed Assistance Fund
§ 23.1-638. Eligibility; amount of grants; renewals
§ 23.1-639. Definition; construction of section
§ 23.1-640. Senior citizens; registration and enrollment in courses