W. Va. Code R. § 133-28-9

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

Section 133-28-9 - Monetary Repayment

9.1. A recipient who violates the service obligation or scholarship agreement shall repay the amount of any scholarship award received, plus interest, and, where applicable, reasonable collection fees on a schedule and at a rate as set forth below.

9.2. The Vice Chancellor for Administration shall charge interest at rate of five percent (5%) per year Interest will begin to accrue at the time the repayment period begins.

9.3. As permitted by federal law, applicable State regulations, and the terms of the scholarship agreement, the Vice Chancellor may assess reasonable collection costs, late charges and attorney fees in the collection of delinquent accounts.

9.4. The length of the repayment period shall not exceed ten years. However, if extenuating circumstances exist, the Vice Chancellor for Administration, upon receipt of documentation sufficient to demonstrate the circumstance, may extend the period for fulfilling the obligation to 15 years. Extenuating circumstances include, but are not limited to, a temporary disability, inability to secure a full-time position in an approved STEM field, or serious family illness.

9.5. At any time during the repayment period described in Section 9.4, the Vice Chancellor may grant forbearance to the recipient in order to prevent the recipient from defaulting on the repayment obligation or to permit the recipient to resume honoring the repayment obligation after default.

9.5.1. For purposes of this Section, "forbearance" means permitting the temporary cessation of payments, allowing an extension of time for making payments, or temporarily accepting smaller payments than previously were scheduled.

9.5.2. The Vice Chancellor may grant forbearance of payments of principal and interest under this Section only if he or she reasonably believes, based upon documentation or other evidence provided by the recipient, that the recipient intends to repay the obligation but, due to poor health or other extenuating circumstances, is currently unable to make the scheduled payments.

9.6. If a recipient fulfils a portion of her or his employment obligation, but not the total obligation due, the Vice Chancellor shall pro-rate the repayment amount based upon number of full months the recipient worked. Interest will accrue from the day on which the recipient ceases to fulfill the obligation.

W. Va. Code R. § 133-28-9