Ala. Admin. Code r. 300-4-12-.13

Current through Register Vol. 43, No. 02, November 27, 2024

Section 300-4-12-.13 - Procedures For Loan Repayment Program

(1) The requirements of this program, are contingent upon available funding for the program. If funding is not adequate to cover the cost of all applicants, funds will be distributed based on a first come first serve basis.

(2) Loan repayment awards shall be distributed directly to the recipient teacher in two disbursements during the applicable year: One disbursement after January 1 and the second disbursement after June 1.

(3) Payments will not be distributed for partial completion of a semester of work.

(4) The recipient shall notify the commission in writing of any change in status within 30 days after the change. Failure to notify the commission of a change in status shall affect future eligibility. All of the following constitute a change in status:

(a) A change in name.

(b) A change in residence.

(c) A change in employment status.

(5) To receive a loan repayment check pursuant to this act, an approved applicant must register online with the State of Alabama's Comptroller Office. It is the responsibility of the individual to register, the Commission cannot register someone on the Vender Services System (VSS).

(6) A loan repayment check is considered income by the United States Internal Revenue Service and must be reported as such. Recipients shall be made aware of that fact.

(7) Any funds appropriated to the program are considered non- reverting.

Ala. Admin. Code r. 300-4-12-.13

Adopted by Alabama Administrative Monthly Volume XXXVI, Issue No. 12, September 28, 2018, eff. 11/3/2018.

Author: Tim Vick

Statutory Authority: Alabama Act 2018-504