Section 200-J:3 Repayment Requirement.
I. As a condition of receiving assistance under this chapter, either the prospective student shall sign a note prepared by the postsecondary education commission or the educational institution contracting with the state shall agree to a contract provision in which it assumes the repayment obligation.
I-a. The note shall be in an amount equal to the amount paid by the state for the student's enrollment. The contract provision shall specify an amount of obligation equal to that paid by the state for students covered by the contract. If the recipient's enrollment terminates other than by graduation, the obligation must be repaid in equal annual payments beginning on the second anniversary of the termination. Within a period equal to 3 times the number of school years of the student's enrollment, the total due shall be paid to the postsecondary education commission.
II. The note shall be interest free and shall be enforceable in an action for debt. It shall not be a defense to such action that the recipient was a minor when the note was executed.
III. The postsecondary education commission is authorized to enforce the collection of accounts that become due under the provisions of this chapter.
IV. Any student who shall successfully complete his program of education and graduate shall be forgiven any repayment due under a note signed in accordance with the provisions of this section.
V. The postsecondary education commission may, in case of hardship, death or other extenuating circumstances, with the approval of the fiscal committee of the general court provided for in RSA 14:30-a, extend or forgive the repayment of individual accounts of non-graduates as may be brought to its attention.
Source. 1979, 353:2. 1981, 235:1, eff. Aug. 10, 1981.