§ 116-40.9. Board of Governors' Medical Scholarship Loan Program.
§ 116‑40.9. Board ofGovernors' Medical Scholarship Loan Program.
(a) Administration ofMedical Scholarship Loan Program. The Board of Governors' Medical ScholarshipLoan Program was established by the Board of Governors of The University ofNorth Carolina. The Board of Governors' Medical Scholarship Loan Programoperates under the purview of the Board of Governors and is administered by theBoard of Governors.
(b) Medical ScholarshipLoan Program. Pursuant to this section, the Board of Governors' MedicalScholarship Loan Program may provide a four‑year scholarship loan ofrelevant tuition and fees, mandatory medical insurance, required laptopcomputers, and an annual stipend of five thousand dollars ($5,000) per year toany student who has been accepted for admission to the Duke University Schoolof Medicine, the Brody School of Medicine at East Carolina University, theUniversity of North Carolina at Chapel Hill School of Medicine, or the WakeForest University School of Medicine.
(c) Criteria for AwardingScholarship Loans. The Board of Governors may adopt standards, includingminimum grade point average and scholastic aptitude test scores, for awardingthese scholarship loans to ensure that only the most qualified students receivethem. The Board of Governors shall make an effort to identify and encourageminority and economically disadvantaged youth to enter the program.
(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 Board ofGovernors that shall bear interest at the rate of ten percent (10%) per yearbeginning September 1 after completion of the program, or immediately aftertermination of the scholarship loan, whichever is earlier. The scholarship loanmay be terminated by the recipient withdrawing from school or by the recipientnot meeting the standards set by the Board of Governors. The Board of Governorsshall forgive the loan if, within seven years after graduation, the recipientpractices medicine 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 medicine in North Carolina for four years, within seven years aftergraduation, because of the death or permanent disability of the recipient.
(e) Reversions. Allunused funds appropriated to or otherwise received by the Board of Governorsfor scholarship loans, all funds received as repayment of scholarship loans,and all interest earned on these funds shall revert to the General Fund at theend of each fiscal year. (2007‑323, s. 9.4(a).)