(a) Except as otherwise provided in this title, repayment obligations incurred by recipients of student financial assistance administered by the Office shall be calculated at an interest rate equal to and matching the interest rate established by the United States Department of Education for the Federal Stafford Loan on the first day of July of each year, with interest not accruing prior to notification to the Commission of a recipient’s graduation or termination from an institution of higher education.
(b) A recipient shall commence repayment obligations upon graduation or termination from an institution of higher education.
Structure Maryland Statutes
Division III - Higher Education
Title 18 - Student Financial Assistance
Subtitle 1 - General Provisions
Section 18-102 - Application of Subtitle
Section 18-103 - Eligible Institutions
Section 18-104 - Control of Institution Not Affected; Religious Discrimination
Section 18-105 - Disclosure of Grades of Scholarship Students to Sponsors
Section 18-106 - Refund Where Recipient Withdraws
Section 18-107 - Source of Funds; Unused Funds; Need-Based Student Financial Assistance Fund
Section 18-108 - Disability of Infancy Removed for Recipients of Scholarships
Section 18-111 - Pledge to Remain Drug Free
Section 18-112 - Repayment Obligations
Section 18-113 - Multiple Scholarships and Grants
Section 18-114 - Development of Application for Digital Devices