1. The college student aid commission shall administer the industrial technology forgivable loan program. The amount of an industrial technology forgivable loan shall not exceed three thousand dollars annually, or the amount of the student's established financial need, whichever is less.
2. The interest rate for the forgivable loan shall be equal to the interest rate collected by an eligible lender under the Iowa guaranteed student loan program for the year in which the forgivable loan is made.
98 Acts, ch 1215, §40
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