| (a) Period of loan repayment. The repayment period
shall be 10 years.
(b) The repayment period shall begin no earlier than
six months after:
(1) the date on which the student ceases to be enrolled
at least half-time at an eligible institution, for borrowers enrolled
in credential programs measured in semester credit hours; or
(2) the anticipated graduation date certified by the
institution of higher education for borrowers enrolled in programs
that are not measured in semester credit hours.
(c) Monthly repayment amount. The method for calculating
the monthly repayment amount for loans through this Program shall
be determined annually by the Commissioner, and shall be calculated
annually based on:
(1) the borrower's income, as demonstrated through
federal income tax returns or other documentation determined to be
acceptable by Board staff;
(2) the borrower's monthly accrued interest on loans
through the Program; and
(3) the borrower's cumulative outstanding student loan
balance.
(d) Income threshold. Borrowers may be automatically
placed in forbearance when the demonstrated income is below a threshold
established by Board staff in consultation with the Texas Workforce
Commission.
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