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Virginia Administrative Code
Title 8. Education
Agency 20. State Board of Education
Chapter 100. Regulations Governing Literary Loan Applications in Virginia
11/21/2024

8VAC20-100-140. Determination of interest rate.

The interest rate for a loan generally shall be determined on the basis of a composite index of the applying school division as follows:

Per Annum Interest Rate

Step 1.

Composite Index between .2 and .2999

2.0%

Step 2.

Composite Index between .3 and .3999

3.0%

Step 3.

Composite Index between .4 and .4999

4.0%

Step 4.

Composite Index between .5 and .5999

5.0%

Step 5.

Composite Index between .6 and .8000

6.0%

Statutory Authority

Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.

Historical Notes

Derived from VR270-01-0009 § 6.2, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.

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