14 Del. Admin. Code § 1213-5.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 1213-5.0 - Awards

5.1 The ability to make Awards each year is contingent upon the availability of funds.

5.2 If possible, DHEO shall make an Award to every applicant who satisfies the requirements of this regulation, consistent with Section 6.0 of this regulation. Awards will be determined based on the pool of eligible applicants in the given year.

5.2.1 If there are insufficient funds to make a loan payment on behalf of every applicant who satisfies the requirements of this regulation, DHEO shall give priority to applicants who have the greatest financial need as determined by DHEO.

5.2.2 To determine an applicant's financial need, DHEO shall request the applicant provide the applicant's income and total amount of Qualified Educational Loans.

5.3 DHEO shall have the sole discretion to prioritize applications and determine Awards consistent with the requirements of the Program as noted in this regulation.

5.4 DHEO shall make a loan payment directly to the applicant's lending agency, on behalf of the applicant, to retire a portion of the applicant's Qualified Educational Loan.

5.5 An Award is not renewable.

5.6 To be considered for a second and third Award, an applicant shall submit a new, completed application and meet all of the requirements in Section 3.0 of this regulation each year.

5.7 An applicant may receive only 1 Award per year and may not receive more than 3 Awards in the applicant's lifetime.

14 Del. Admin. Code § 1213-5.0

27 DE Reg. 159 (9/1/2023) (Final)