1. All contributions from participants must be accounted for in the Western Interstate Commission for Higher Education’s Loan and Stipend Fund which is hereby created as an enterprise fund.

2. The three Nevada State Commissioners, acting jointly, shall administer the Fund, and the money in the Fund must be used solely to provide:

(a) Loans to; and

(b) Contractual arrangements for educational services and facilities for,

residents of Nevada who are certified to attend graduate or professional schools in accordance with the provisions of this chapter.

3. Loans from the Western Interstate Commission for Higher Education’s Loan and Stipend Fund before July 1, 1985, and loans made to students classified as continuing students before July 1, 1985, must be made upon the following terms:

(a) All loans must bear interest at 5 percent per annum from the date when the participant receives the loan.

(b) Each participant receiving a loan must repay the loan with interest following the termination of the participant’s education or completion of the participant’s internship in accordance with the following schedule:

(1) Within 5 years for loans which total less than $10,000.

(2) Within 8 years for loans which total $10,000 or more but less than $20,000.

(3) Within 10 years for loans which total $20,000 or more.

(c) No participant’s loan may exceed 50 percent of the student fees for any academic year.

(Added to NRS by 1977, 428; A 1983, 312; 1985, 849; 1997, 125; 2001, 2753; 2003, 940; 2015, 1508)