Show n MORE MONEY FOR VETS GI Gl Bill students who cant can't make ends meet despite recent recent recent re re- re- re cent increases in Veterans Adm Administration education payments are eligible for VA loans to meet necessary education expenses the VA pointed out today The loans are not automatic automatic automatic auto auto- matic to all students VA stressed but applicants who demonstrate a clear need can qualify for loans up to per academic school year under a recent law A December 3 1974 law PL 93 which raised monthly education payments payments payments pay pay- ments by per cent stipulated that loans could be extended only to those students who were found tobe to tobe tobe be in need after the actual cost of was compared to the students student's total financial Eligibility was limited further to students eligible for VA education assistance for at an educational educational educational institution on at least leasta a time half-time basis The law specified also that the course must lead to a standard standard standard sta sta- sta- sta college degree or that it be a course of six months or longer duration that leads to an identified and predetermined professional o or r vocational objective Still another provision was that the student must have sought a loan under the gu guaranteed student loan program of the Higher Education Education Education Edu Edu- cation Act of 1965 V VA A pointed out that repayment repayment repayment re re- re- re payment of both the principal principal principal pal and interest is deferred while the student is enrolled on at least a time half-time basis and no interest accrues until the beginning date for repayments repayments repayments re re- re- re payments is determined I Installment payments mu must st start within nine months after the student ceases to be enrolled on at least a time half-time basis I Interest Interest Inter Inter- est at the rate of 8 per cent per year begins at that point and full payment must be made within 10 years There is no penalty for prepayment A 3 per percent percent percent cent loan fee is deducted from the face amount of the loan to provide a fund to insure against defaults Defau Defaults Its are to be considered considered considered con con- overpayments to be recovered in the same manner as other debts due the govern government ment Students may apply through the VA regional office through which they are now receiving education benefits |