(a) The Board shall retain the right to determine the
eligibility of lenders and holders of education loans to which payments
may be made. An eligible lender or holder shall, in general, make
or hold education loans made to individuals for purposes of undergraduate,
medical and graduate medical education and shall not be any private
individual. An eligible lender or holder may be, but is not limited
to, a bank, savings and loan association, credit union, institution
of higher education, secondary market, governmental agency, or private
foundation.
(b) To be eligible for repayment, an education loan
must:
(1) be evidenced by a promissory note for loans to
pay for the cost of attendance for undergraduate, graduate, or medical
education;
(2) not have been made during residency or to cover
costs incurred after completion of medical school;
(3) not be in default at the time of the physician's
application;
(4) not have an existing obligation to provide service
for loan forgiveness through another program;
(5) not be subject to repayment through another student
loan repayment or loan forgiveness program or repayment assistance
provided by the physician's employer while the physician is participating
in the program;
(6) if the loan was consolidated with other loans,
the physician must provide documentation of the portion of the consolidated
debt that was originated to pay for the cost of attendance for the
physician's undergraduate, graduate, or medical education; and
(7) not be an education loan made to oneself from one's
own insurance policy or pension plan or from the insurance policy
or pension plan of a spouse or other relative.
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Source Note: The provisions of this §23.69 adopted to be effective November 30, 2009, 34 TexReg 8524; amended to be effective November 20, 2013, 38 TexReg 8196; amended to be effective February 22, 2016, 41 TexReg 1230; transferred effective December 15, 2016, as published in the Texas Register November 25, 2016, 41 TexReg 9341 |