Important Information About Loan Repayment
The Fund allows repayment in monthly installments over a maximum term of ten years. However, the minimum monthly payment is $100 for balances of less than $15,000 for the first 36 months and then $150.00 for the next 24 months; for balances over $15,000 the minimum monthly payment is $125.00 for the first 36 months and $200 for the next 24 months. After that, the monthly payment will be increased so that the unpaid balance will be paid within the remaining 60 months. Interest charged is on a "simple interest basis" and the rate is currently 4 %.
Repayment Requirements
