Statutes, codes, and regulations
Wyoming Administrative Code
Agency 054 - Nursing, Board ofSubagency 0003 - Wyoming Investment in Nursing
Chapter 1 - WYOMING INVESTMENT IN NURSING PROGRAM (WYIN PROGRAM)
Section 1-14 - Default of a Loan

054-1 Wyo. Code R. § 1-14

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Current through April 27, 2019
Section 1-14 - Default of a Loan

(a) A loan shall be in default when an installment is due and not paid in full within 90 days after the time period provided by these rules.

(b) The process for collection of a loan in default shall be determined by the Board through its designated financial institution.

(c) The student in default shall pay any charges related to offsetting the note or any charges incurred should the note(s) be referred to an outside collection agency and any other collection charges, including attorney's fees allowed by state law.

(d) Loan repayment options under this section may be deferred for:

  • (i) A period not to exceed four (4) years while the student is serving on full-time active duty with any branch of the military services of the United States.
  • (ii) The length of a graduate program that qualifies under the WYIN program and begins while the student is still paying by cash or employment.

(e) Students may be relieved from having to repay loans and interest thereon, in whole or in part, when the requirement to repay would cause undue hardship. The financial institution responsible for servicing the loans will use its best judgment in applying the economic hardship deferment criteria used for the Federal Family Education Loan Program. The Board reserves the right to consider any request due to undue hardship.

(f) Complete cancellation of a student's debt will be granted only in limited circumstances. These circumstances may include:

  • (i) A student's total and permanent disability, as determined by a medical or osteopathic physician, or death.
    • (A) A student who is determined to be totally and permanently disabled will have his/her loan placed in a conditional discharge period for three (3) years from the date the student became totally and permanently disabled.
    • (B) During this conditional period, the student need not pay principal or interest. If the student continues to meet the total and permanent disability conditions during, and at the end of, the three-year conditional period, the student's obligation to repay the loan is canceled, upon approval by the Board.
  • (ii) If the student does not continue to meet the cancellation requirements, the student must resume payment.

054-1 Wyo. Code R. § 1-14

Adopted, Eff. 7/7/2004.