22 Pa. Code § 121.139

Current through Register Vol. 54, No. 45, November 9, 2024

Section 121.139 - Cancelled debt

The obligation to repay the indebtedness of a Federal PLUS Loan borrower who dies, who becomes totally and permanently disabled, whose loans are discharged in bankruptcy or who has his eligibility to borrow falsely certified by the school, shall be cancelled upon the acceptance of proper documentation by the lender or holder of the loan. The obligation to repay the indebtedness of a Federal PLUS Loan borrower shall be cancelled upon the acceptance of proper documentation by the lender or holder of the loan of the death of the student on whose behalf the parent borrowed the Federal PLUS Loan or closure of the school at which the student on whose behalf the parent borrowed the Federal PLUS loan is enrolled.

22 Pa. Code § 121.139

The provisions of this §121.139 adopted August 7, 1981, effective 8/8/1981, 11 Pa.B. 2760; corrected August 22, 1981, 11 Pa.B. 2911; amended March 26, 1982, effective 3/27/1982, 12 Pa.B. 1043; amended October 16, 1987, effective 10/17/1987, 17 Pa.B. 4120; amended July 12, 1996, effective 7/13/1996, 26 Pa.B. 3321.

The provisions of this §121.139 amended under section 4 of the act of August 7, 1963 (P. L. 549, No. 290) (24 P. S. § 5104); section 1 of the act of January 25, 1966 (P. L. 1546, No. 541) (24 P. S. § 5151); the act of July 18, 1974 (P. L. 483, No. 174) (24 P. S. §§ 5181-5189); the act of July 1, 1988 (P. L. 1259, No. 155) (24 P. S. §§ 5191-5197); and the act of June 26, 1992 (P. L. 322, No. 64) (24 P. S. §§ 5198.1-5198.7).

This section cited in 22 Pa. Code § 121.142 (relating to co-maker/co-signer).