Md. Code Regs. 13B.08.14.12

Current through Register Vol. 51, No. 12, June 14, 2024

Section 13B.08.14.12 - Repayment

A. If a recipient fails to meet the required obligations under the Workforce Shortage Student Assistance Grant Program, the recipient shall repay the State the portion of the scholarship not forgiven.

B. Interest on the funds advanced shall be charged at an interest rate equal to the interest rate established by the United States Department of Education for the Federal Stafford Loan on the first day of July of each year.

C. Interest may not accrue prior to notification to the Office of Student Financial Assistance (OSFA) of a recipient's graduation or termination from an institution of higher education.

D. Repayment may be prorated if the recipient partially fulfills their obligation.

E. OSFA shall waive the repayment of a grant award at a rate of:

(1) 1 year for each year that the recipient performs the service obligation on a full-time basis; or

(2) 6 months for each year that the recipient performs the service obligation on apart-time basis.

F. Except as otherwise provided in this regulation, repayment shall be made to the State within 6 years after the repayment period begins and shall follow a repayment schedule established by OSFA.

Md. Code Regs. 13B.08.14.12

Regulation .12 adopted effective 44:17 Md. R. 837, eff. 8/28/2017