La. Admin. Code tit. 28 § IV-1617

Current through Register Vol. 50, No. 11, November 20, 2024

Section IV-1617 - Responsibilities of LOSFA

A. LOSFA shall:

1. obtain program nominee information from the board and provide the nominee with a master promissory note, written instructions, and a W-9 form;

2. LOSFA will pay program funds directly to the student when all of the following have been satisfied:

a. it has received a completed, signed master promissory note;

b. it has received a completed W-9; and

c. it has received confirmation from the board that a recipient was enrolled full-time, or at least 2/3 time for doctoral degree students in accordance with §1611 B;

3. LOSFA will maintain a secure database of all information collected on recipients and former recipients, including name, address, Social Security number, program of study, name of the institution which nominated the student for the loan program, name of the institution at which a recipient was enrolled when receiving program funds, anticipated graduation date, amount disbursed, and maximum amount available;

4. upon notification by the board that a recipient has been terminated from the program without default, LOSFA will:

a. calculate the total amount due;

b. notify recipient of the date of the event listed in §1609. D.1.a i-iii and that he has 90 days from that date to pay the full amount due;

c. if payment is not received within 90 days of the date of termination as determined by the board, LOSFA will institute collection activities and forward the file to the Collection Division of the Louisiana Attorney General's Office;

5. upon notification by the board that a recipient has been terminated from the program with default, LOSFA will:

a. calculate the total amount due;

b. notify recipient of the date of default and that he has 60 days from the date of default to pay the full amount due or begin making monthly payments in amount sufficient to pay at least 25 percent of the total amount due, including interest, each calendar year;

c. if payment of the total amount due or repayment does not begin within 60 days of the date of default, LOSFA will institute collection activities, including forwarding the file to the Collection Division of the Louisiana Attorney General's Office.

La. Admin. Code tit. 28, § IV-1617

Promulgated by the Student Financial Assistance Commission, Office of Student Financial Assistance, LR 35:227 (February 2009), Repromulgated by the Board of Regents, Office of Student Financial Assistance, LR 44550 (3/1/2018).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:3021-3031 and R.S. 17:3129.7.