1. The Board of Regents may administer, directly or through a designated officer or employee of the System, a program to provide loans for fees, books and living expenses to students in the nursing programs of the System.
2. Each student to whom a loan is made must:
(a) Have been a "bona fide resident" of Nevada, as that term is defined in NRS 396.540, for at least 6 months prior to the "matriculation" of the student in the System, as that term is defined pursuant to NRS 396.540;
(b) Be enrolled at the time the loan is made in a nursing program of the System for the purpose of becoming a licensed practical nurse or registered nurse;
(c) Fulfill all requirements for classification as a full-time student showing progression towards completion of the program; and
(d) Maintain at least a 2.00 grade point average in each class and at least a 2.75 overall grade point average, on a 4.0 grading scale.
3. Each loan must be made upon the following terms:
(a) All loans must bear interest at 8 percent per annum from the date when the student receives the loan.
(b) Each student receiving a loan must repay the loan with interest following the termination of the student’s education for which the loan is made. The loan must be repaid in monthly installments over the period allowed with the first installment due 1 year after the date of the termination of the student’s education for which the loan is made. The amounts of the installments must not be less than $50 and may be calculated to allow a smaller payment at the beginning of the period of repayment, with each succeeding payment gradually increasing so that the total amount due will have been paid within the period for repayment. The period for repayment of the loans must be:
(1) Five years for loans which total less than $10,000.
(2) Eight years for loans which total $10,000 or more, but less than $20,000.
(3) Ten years for loans which total $20,000 or more.
4. A delinquency charge may be assessed on any installment delinquent 10 days or more in the amount of 8 percent of the installment or $4, whichever is greater, but not more than $15.
5. The reasonable costs of collection and an attorney’s fee may be recovered in the event of delinquency.
(Added to NRS by 1989, 2134; A 1993, 359; 2005, 1421)