W. Va. Code R. § 133-34-10

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

Section 133-34-10 - Forbearance

10.1. To be eUgible for forbearance, a borrower must apply for and receive approval from the institutional financial aid officer or designated representative. The financial aid officer or designated representative may grant forbearance for periods of documented disability, unemployment or other economic hardship.

10.2. The Vice Chancellor for Administration must be notified by the financial aid officer or designated representative of all forbearance approvals related to this program.

10.3. A borrower is ehgible for forbearance for a period not to exceed twelve (12) months at one time.

10.4. A borrower may be held responsible for paying a portion of the accrued interest on the loan as a condition for granting forbearance.

10.5. During any period of forbearance, interest shall continue to accrue on the loan. If a borrower does not pay interest during the forbearance period, it will be capitalized at the end of the forbearance period.

10.6. Loan payments shall resume within sixty days of the forbearance end date. The exact amount of monthly payments shall be calculated in accordance with the original loan agreement.

W. Va. Code R. § 133-34-10