W. Va. Code R. § 133-61-13

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

Section 133-61-13 - Collections

13.1. Institution and Commission staff shall exercise due diligence in collecting monetary repayments from program recipients.

13.2. Institutional due diligence means:

13.2.a. Conducting and documenting an entrance interview (individually or in groups) with an award recipient before disbursing funds in an academic year. This requirement may be met by correspondence if the institution determines that a face-to-face meeting is not practical.

13.2.b. Conducting and documenting an exit interview with the award recipient in which the institution provides the borrower with information necessary to carry out the terms of repayment, reminds the recipient of the rights and responsibilities associated with the funds, and updates the recipient's personal information to assist in locating the recipient if he or she fails to keep the institution or the Commission informed of his or her current address.

13.3. Commission due diligence means:

13.3.a. Notifying the award recipient of his/her obligations at least once annually during any grace or deferment period.

13.3.b. Performing regular billing.

13.3.c. Following up past due payments with a series of at least four (4) documented and reasonably spaced attempts to contact the borrower, at least three (3) of which must be in writing at not more than thirty (30)-day intervals, before the obligation becomes one hundred-twenty (120) days past due, provided that the Commission has a current address for the borrower.

13.3.d. Performing address searches when necessary.

13.3.e. Referring defaulted award recipients more than one hundred-twenty (120) days past due to the Secretary of the Department of Administration or to a collection agent.

13.4. In place of one or more of the procedures outlined above, institutions and Commission staff may substitute collection techniques that are equally or more effective.

W. Va. Code R. § 133-61-13