Repayment and Refinancing

(a)Loans made under § 60301 shall be repaid in accordance with a payment plan specified by the Department with payments applied first to the interest and then to the principal.

(b)Additional payments in any sums, or the payment of the entire principal may be made at any date within the time period of the loan.

(c)The Department may, for satisfactory cause and at its discretion, extend the time within which the installment payment on the principal may be paid for a period not to exceed one year.

(d)For loans made for crops, poultry and livestock requiring six months or more before maturing or in production, the Department may defer the first payment of the principal until the crop, poultry or livestock matures or is in production, but not to exceed one year.