Guam § 28109 - Interest Computation on Financial Assistance
Full text of Guam Guam Code Annotated § 28109 — Interest Computation on Financial Assistance, with citation guidance and answers to common questions.
§ 28109. Interest Computation on Financial Assistance
Awarded On or After Award Year 2013-2014 for Non-Cash
(Non-Service Credit) Repayments.
Interest on all awards of assistance made on or after Award
Year 2013-2014, pursuant to this Chapter, shall be computed on
the outstanding balance on a simple interest basis beginning on
the date of disbursement at an annual percentage rate of ten
percent (10%). Repayment shall be made in either a lump sum
COL6/24/2021
FOR HIGHER EDUCATION
by which the principal and accrued interest up to the date of
repayment is satisfied, or through a periodic payment plan under
the following conditions:
(a) the awardee can amortize the combined balance of
principal and accrued interest balances over a
specified term at an annual percentage rate of 10 percent
(10%);
(b) the period for repayment shall not exceed ten (10)
years; and
(c) all awardees choosing to repay assistance in cash in
lieu of service credit must pay all accrued interest before
any payments are applied to the principal of the debt.
Repayment of awards made prior to Award Year 2013-2014
shall be made pursuant to the provisions of Chapter 15 of this
Title.
Frequently Asked Questions About Guam § 28109
What does Guam Code Annotated § 28109 cover?
Section 28109 ("Interest Computation on Financial Assistance") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 28109?
A common citation format is "Guam Code Annotated § 28109" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 28109 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.