Sec. 2213.9. Minimum/maximum program loan limits

(a) The minimum and maximum individual program loan amounts available to eligible borrowers on an annual basis shall be approved by the corporation, and with respect to program loans that are otherwise eligible for purchase by a public benefit corporation, shall be subject to further approval by such public benefit corporation, on at least an annual basis with respect to program loans to be made for the applicable academic year, or portion thereof, after taking into account applicable financial and/or other relevant market conditions. Such amounts shall be published on the corporation's website.

(b) The maximum aggregate program loan amounts available to eligible borrowers shall be as follows:

(1) $20,000 aggregate for undergraduates attending a two-year institution;

(2) $50,000 aggregate for undergraduates attending a four-year institution; and

(3) $70,000 aggregate total for undergraduate and graduate study.

(c) The amount of the program loan shall not exceed the difference between the cost of attendance less all other New York State aid, title IV aid (excluding Federal PLUS loans), other Federal aid, institutional aid, and private aid, as certified by the eligible college.

(d) The maximum interest rate under this program shall not exceed 16.5 percent per annum, or its equivalent rate for a longer or shorter period.