Section 160. Repayment procedure

Latest version.

Loan repayment shall be limited to qualified loans as determined by 12VAC5-507-130. Repayment of loans shall begin after the commissioner has received notification that the participant has officially accepted placement and has begun the required service obligation. Payment shall be a lump sum payment based on availability of funds. Payment shall be made to the participant. Verification of payment made to the lender shall be required and submitted to the department by the participant. It shall be the responsibility of the participant to negotiate with each lending institution the terms of the educational loan repayments.

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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