Ala. Admin. Code r. 610-X-12-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 610-X-12-.03 - Loan Conditions

(1) Loans may be awarded for multiple years of graduate study, as specified in statute.

(2) For the first year of the program, the maximum annual loan limit is fifteen thousand dollars ($15,000). For subsequent years, the board may increase the maximum annual loan amount by no more than five percent annually.

(3) Participants shall be selected from the state of Alabama at large and, to the extent practicable, distributed throughout the State.

(4) Participants shall agree to provide verification of employment when requested by the Board.

(5) Participants shall sign a contract to repay the amount of the loan by working following graduation in full-time practice as a CRNA, CRNP, or CNM in an area of critical need for the time required in Code of Ala. 1975, § 34-21-96.

(6) Participants shall notify the Board if any of the following conditions apply:

(a) Failure to complete the graduate nursing program when anticipated.

(b) Relocation.

(c) Employment following graduation from the graduate nursing program, as provided in this chapter.

(d) Failure to complete the minimum number of academic hours required by the loan repayment agreement.

(e) Withdrawal from the graduate nursing program.

(7) The Board shall develop and prescribe such forms of application, agreements, or other documents as may be necessary to implement this chapter.

Ala. Admin. Code r. 610-X-12-.03

Filed September 29, 1982. Repealed: Filed May 19, 2003; effective June 24, 2003.

Adopted by Alabama Administrative Monthly Volume XXXIV, Issue No. 10, July 29, 2016, eff. 9/8/2016.

Amended by Alabama Administrative Monthly Volume XXXVI, Issue No. 01, October 31, 2017, eff. 11/10/2017.

Amended by Alabama Administrative Monthly Volume XLI, Issue No. 12, September 29, 2023, eff. 11/13/2023.

Author: Alabama Board of Nursing

Statutory Authority:Code of Ala. 1975, § 34-21-96.