|(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 qualifying students to pay for their
higher education costs 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
(1) be evidenced by a promissory note for loans to
pay for the cost of the individual's attendance at an eligible institution
for a semester or other term that ended in the five years immediately
preceding the person's initial appointment as a peace officer;
(2) not be in default at the time of the peace officer's
(3) not have an existing obligation to provide service
for loan forgiveness through another program;
(4) not be subject to repayment through another student
loan repayment or loan forgiveness program or as a condition of employment;
(5) if the eligible loan was consolidated with ineligible
loans or included in a repayment schedule with ineligible loans, the
applicant must provide documentation of the eligible loans, disaggregated
from the ineligible loans.
(c) Credit card debt is not considered an educational
loan eligible for repayment.