W. Va. Code R. § 133-34-7

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

Section 133-34-7 - Loan Provisions and Agreement

7.1. Loans may be made and award amoimts determined annually for each of the number of years reqmred to complete the course of study. The student-borrower may apply for additional loans for each subsequent academic year of medical school, and the institution may, but shall not be obUgated to, make loans to a borrower for such academic year or years.

7.2. Before being granted a loan, each apphcant shall receive an award notification issued by the institution on behalf of the Higher Education PoUcy Commission Medical Student Loan Program. Notifications shall include the following common elements:

7.2.1. Budgeted cost of education.

7.2.2. Expected family contribution (where appHcable).

7.2.3. Other resources available to meet educational expenses.

7.2.4. Financial need.

7.2.5. Aid awarded reflecting academic periods in which it wUl be disbursed.

7.2.6. An indication of unmet financial need.

7.2.7. A statement that any and all such loans shall be subject to the terms and conditions specified in a master promissory note.

7.3. The master promissory note shall be an open ended note. All subsequent release of fimds shall be recorded on this promissory note.

W. Va. Code R. § 133-34-7