Section 130. Loans qualifying for repayment

A. Based on the availability of funds, the loan repayment program shall pay toward the outstanding principal and interest of verifiable federal, state, or local government loans and commercial loans obtained by the participant for the following:

1. Tuition expenses;

2. Other reasonable educational expenses, and

3. Reasonable living expenses as estimated by the school as part of the school's standard student budget and determined reasonable by the department.

B. All loan award payments shall be applied only to outstanding educational loans secured while attending an approved nurse education program that led to RN, LPN, or CNA licensure. Qualifying outstanding educational loans shall:

1. Have sufficient documentation verifying the educational use of the loans;

2. Not exceed the "reasonable" level as determined by the school's standard budget in the year the loan was made; and

3. Not include loans from friends and relatives.

C. The department shall be the final authority in determining qualifying educational loans.

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.