903

The amount of the scholarship shall be established according to the standards set forth by the financial aid offices of the entities, as verified by the Council on Higher Education of Puerto Rico, taking into account the costs of lodging and sustenance, uniforms, books and materials, academic instruction, stipends, etc. The interest to be paid for the loan shall not exceed four percent (4%). The payments for the aid received shall be made directly and at the end of the month, to the administrative authorities of respective schools. History —May 5, 1950, No. 222, p. 566, § 4; Aug. 1, 1999, No. 206, § 1.