| (a) The board retains the right to determine the eligibility
of educational loan providers 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 or veterinary 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 veterinary medical education;
(2) not have been made to cover costs incurred after
completion of veterinary school;
(3) not be in default at the time of the application;
(4) not have an existing obligation to provide service
for loan forgiveness through another program;
(5) not be subject to repayment through another educational
loan repayment or loan forgiveness program or repayment assistance
provided by the applicant's employer while the applicant is participating
in the program;
(6) if the loan was consolidated with other loans,
the applicant must provide documentation of the portion of the consolidated
debt that was originated to pay for the cost of attendance for the
applicant's veterinary 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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