| (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,
or graduate education of the teacher 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. Credit card, equity loans and other similar personal loan
products are not considered educational loans eligible for repayment.
(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 the undergraduate or graduate education
of the individual applying for repayment assistance;
(2) not be in default at the time of the teacher's
application;
(3) not have an existing obligation to provide service
for loan forgiveness through another program; and
(4) 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 his
or her undergraduate or graduate education.
|
| Source Note: The provisions of this §23.35 adopted to be effective June 6, 2016, 41 TexReg 4002; transferred effective December 15, 2016, as published in the Texas Register November 25, 2016, 41 TexReg 9341 |
