(a) The amount of the DREAM loan offered to an individual student by a participating institution shall be determined by the institution, subject to the following provisions:
(1) The loan may not exceed the financial need of the student.
(2) No student may borrow more than four thousand dollars ($4,000) under this program within a single academic year.
(3) No student may borrow more than twenty thousand dollars ($20,000) in the aggregate under the program from any one participating institution.
(b) The interest rate for loans issued under the program shall be the same as the then-current interest rate for undergraduate loans under the William D. Ford Federal Direct Loan Program.
(c) The standard repayment term for a DREAM loan shall be 10 years. Repayment shall commence following a six-month grace period that begins when a student graduates or ceases to maintain at least half-time enrollment in a degree or certificate program.
(d) Interest shall not accrue on a DREAM loan during periods of at least half-time enrollment in a degree or certificate program or during the six-month grace period specified in subdivision (c).
(e) Eligibility for deferment or forbearance of a DREAM loan shall be determined by the participating institution in accordance with the standards set forth in the William D. Ford Federal Direct Loan Program.
(f) Participating institutions shall use a common promissory note, approved by the Treasurer, to issue DREAM loans.