|(a) No disbursement shall be made to any student until
he or she has executed a promissory note payable to the program for
the full amount of any loan plus interest and other authorized fees.
In addition, a cosigner's signature may be also required in accordance
with the provisions of §22.179(7) of this subchapter (relating
to Eligibility of Students).
(b) The original of such executed promissory note shall
be forwarded to the Board immediately.
(c) For the purposes of any promissory note executed
by a borrower, the defense that he or she was a minor at the time
he or she executed a note shall not be available to him or her in
any action arising on the note.