§ 116-40.10. Board of Governors' Dental Scholarship Loan Program.
§ 116‑40.10. Board ofGovernors' Dental Scholarship Loan Program.
(a) Administration ofDental Scholarship Program. The Board of Governors' Dental Scholarship LoanProgram was established by the Board of Governors of The University of NorthCarolina. The Board of Governors' Dental Scholarship Loan Program operatesunder the purview of the Board of Governors and is administered by the Board ofGovernors.
(b) Dental ScholarshipLoan Program. Pursuant to this section, the Board of Governors' Dental ScholarshipLoan Program may provide a four‑year scholarship loan of relevant tuitionand fees, mandatory medical insurance, required laptop computers to any first‑yearstudents, required dental equipment, and an annual stipend of five thousanddollars ($5,000) per year to any student who has been accepted for admission tothe School of Dentistry at the University of North Carolina at Chapel Hill.
(c) Criteria forAwarding Scholarship Loans. The Board of Governors may adopt standards,including minimum grade point average and scholastic aptitude test scores, forawarding these scholarship loans to ensure that only the most qualifiedstudents receive them. The Board of Governors shall make an effort to identifyand encourage minority and economically disadvantaged youth to enter theprogram.
(d) Terms ofScholarship Loans. All awards made under this section shall be made asscholarship loans and shall be evidenced by notes made payable to the Boardthat shall bear interest at the rate of ten percent (10%) per year beginningSeptember 1 after completion of the program, or immediately after terminationof the scholarship loan, whichever is earlier. The scholarship loan may beterminated by the recipient withdrawing from school or by the recipient notmeeting the standards set by the Board of Governors. The Board of Governorsshall forgive the loan if, within seven years after graduation, the recipientpractices dentistry in North Carolina for four years. The Board of Governorsshall also forgive the loan if it finds that it is impossible for the recipientto practice dentistry in North Carolina for four years, within seven yearsafter graduation, because of the death or permanent disability of therecipient.
(e) Reversions. Allunused funds appropriated to or otherwise received by the Board for scholarshiploans, all funds received as repayment of scholarship loans, and all interestearned on these funds shall revert to the General Fund at the end of eachfiscal year. (2007‑323,s. 9.5(a).)