D.C. Mun. Regs. tit. 1, r. 1-2403

Current through Register Vol. 71, No. 43, October 25, 2024
Rule 1-2403 - SCOPE, TERMS, AND CONDITIONS OF ASSISTANCE
2403.1

Loan repayment assistance under the Program shall consist of a loan made by the Administrator to a participant for a period of one (1) year. Subject to the availability of funding, the Administrator may renew the loan annually in one (1) year increments.

2403.2

Each loan shall have an associated service obligation as specified in § 2406. A participant shall maintain eligible employment, as defined in § 2405, of at least thirty-five (35) hours per week for forty-five (45) weeks per year for each year of service obligation.

2403.3

A participant shall comply with the eligibility requirements stated in § 2404 throughout his or her participation in the program.

2403.4

The Administrator shall forgive the loan if the participant completes the service obligation and maintains his or her eligibility for the Program pursuant to § 2403.2 and § 2403.3.

2403.5

Subject to the availability of funding and subject to the limitations stated in this chapter, the Administrator shall make loans to participants that are sufficient to repay all of the participant's eligible debt.

2403.6

If a participant has consolidated eligible debt with undergraduate or graduate school loans from government, commercial, or educational institutions, the Administrator and the participant may treat the full amount of consolidated loan payments first coming due as eligible debt, up to the total amount of eligible debt owed, for the purposes of awarding and receiving loan repayment assistance under the Program.

2403.7

The Administrator shall not award a loan to a participant in excess of twelve thousand dollars ($12,000) per year or six thousand dollars ($6,000) semi-annually.

2403.8

The maximum amount of loan repayment assistance a participant may receive under the Program is sixty thousand dollars ($60,000).

2403.9

If a participant fails to maintain eligible employment or fails to comply with Program eligibility requirements as specified § 2403.2 and § 2403.3, the participant shall repay any loan or loan renewal that has not been previously forgiven based on the participant's prior completion of the associated service obligation.

2403.10

A participant shall execute a promissory note that sets forth the amount of the loan, the service obligation, and the participant's obligation to repay the loan and any renewal increments not subsequently forgiven due to the participant's failure to maintain eligible employment or comply with Program eligibility requirements.

D.C. Mun. Regs. tit. 1, r. 1-2403

Final Rulemaking published at 54 DCR 1025 (February 2, 2007)