(a) Every student awarded a grant loan pursuant to this Article shall execute a promissory note agreeing to repay said loan over a period to be determined by the Board, but not to exceed ten (10) years from the contemplated date of completion of the course of studies for which the award was granted. Said promissory note shall be non-interest bearing except that it shall provide for interest in the amount of six percent (6%) on unpaid delinquent amounts which are due and payable under the terms of the note.

(b) Every student awarded a grant loan pursuant to this Article shall receive credit against amounts due under the promissory note:

(1) At the rate of Three Thousand Dollars ($3,000) for each year during which he or she is employed on Guam, in the office of Guam’s Delegate to Congress, or in any United States Congressional or Senatorial Office.

No amounts under the promissory note executed pursuant to this Section shall be considered due and payable during the period that any such person is so employed.

SOURCE: GC § 11816, as R/R by P.L. 11-138. Last paragraph of subsection (b) repealed by P.L. 19-037:6 (Dec. 30, 1988). Subsection (b) amended by P.L. 21-136:19(c).

2012 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Lowercase Roman Numerals”” to “”Numbers”” in subsection (b).