Section 120. Loan repayment amount

Latest version.

The applicant shall agree to provide full-time nursing services in a long-term care facility in the Commonwealth a minimum of one year for a loan repayment amount up to $2,000 with an option for renewal in the second, third, and fourth year upon submitting a new application, with a potential maximum award amount of $8,000. Renewals shall only be granted if an applicant can show a reduction in his educational loan balances. The loan repayment amount shall depend upon availability of funds and the applicant's indebtedness, but no amount shall exceed the total indebtedness.

Historical Notes

Derived from Volume 32, Issue 21, eff. July 13, 2016.

Statutory Authority

§§ 32.1-12, 32.1-122.6:01 and 54.1-3011.2 of the Code of Virginia.

                    
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