W. Va. Code R. § 133-26-17

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 133-26-17 - Loan Repayment Program Awards

17.1. Each award recipient is eligible to receive loan assistance not less than $3,000 annually.

17.1.a. The loan amount will be determined annually by the Vice Chancellor for Administration.

17.1.b. The loan amount is based upon funding availability.

17.2. Awards will be paid to the recipient's educational loan institution, not directly to the recipient, only after the Commission determines that the recipient has complied with all the terms of the agreement.

17.3. Recipients may have their award terminated or may be required to repay all or part of an award according to the terms of Section 10 of this rule if the recipient does not comply with the terms of the agreement.

17.4. Award amounts shall not exceed the applicant's outstanding loan balance.

17.5. Loans eligible for loan repayment assistance are federal student loans in the applicant's name that were used for educational costs associated with obtaining a degree in school counseling, teaching or a teaching credential. Parent PLUS Loans are not eligible for loan repayment assistance.

17.6. Loan repayment assistance shall not reimburse applicants for payments to loans already made.

17.7. Federal teacher loan forgiveness programs shall be considered when awards are calculated.

17.8. Recipients shall annually submit proof of fulfillment of the terms of the loan assistance agreement to the Commission in accordance with the loan assistance agreement. The award may be canceled if the recipient does not submit proof of fulfillment of the terms of the loan assistance agreement by the required deadline.

17.9. Half of the annual award will be paid after fulfilling the first year of the agreement; the second half of the annual award will be paid after fulfilling the second year of the agreement.

W. Va. Code R. § 133-26-17