W. Va. Code R. § 133-34-9

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

Section 133-34-9 - Loan Forgiveness

9.1. A borrower may receive cancellation and forgiveness of the outstanding principal and accumulated interest on the loan in return for the actual performance of fiiU-time service in West Virginia as a physician (M.D. or D.O.) in an approved designated medically underserved area or in an approved designated medical specialty in which there is a shortage of physicians.

9.2. The Commission, after consultation with the Bureau for PubUc Health, shall determine quaUfying medically underserved geographic areas and medical specialties in which there is a shortage of physicians. An approved listing of underserved areas and quaUfying medical specialties shall be pubUshed and distributed to the financial aid offices of each participating state school of medicine. At the borrower's request, additional geographic areas and medical specialties may be considered by the Commission after consultation with the Bureau for PubUc Health. Among the criteria are such factors as: locations where a physician currently in practice will retire creating a shortage or a population shift which will justify additional physicians.

9.3. To be eligible for loan forgiveness, the appUcant must apply annually for and receive Commission approval for practice in a specific designated imderserved area or designated medical specialty. Such approval shall include deferral of loan repayment during the period the practitioner is performing in service authorized for loan forgiveness. The practitioner must notify the lending institution of the date that such practice commences and terminates.

9.4. To be eHgible for loan forgiveness, the appUcant must have Commission approval to practice in a specific designated underserved area or designated medical specialty. hi addition, the appUcant must subsequently provide evidence to support the feet that full-time physician services were rendered. Such evidence shaU be presented on a form provided by the Commission for that purpose. The Commission shaU be the authority that grants loan forgiveness. The Commission shall notify the appropriate lending institution of all loan forgiveness which is granted.

9.5. The borrower shaU be eligible for loan forgiveness only upon appUcation and upon acceptance of duly certified evidence of fuU-time medical or osteopathic practice in one of the designated medicaUy underserved areas or medical specialties.

9.6. The borrower shall receive cancellation of the outstanding principal for sums not to exceed $10,000 per year plus accumulated interest during each period of twelve (12) consecutive months of full-time practice. No forgiveness shall be granted for less than twelve (12) consecutive months of fiill-time practice.

9.7. It shall be the responsibihty of the borrower to secure a current Ust of approved underserved areas and medical specialties. A current Ust may be obtained from the institution's financial aid office or from the Commission.

W. Va. Code R. § 133-34-9