Current through Register Vol. 54, No. 45, November 9, 2024
Section 121.403 - Loan forgivenessQualified applicants who are selected for the program in accordance with the Early Childhood Loan Forgiveness Act (24 P. S. §§ 7101-7106) are eligible for payment by the Agency of a portion of the debt incurred by the applicant through the Agency-administered Guaranteed Student Loan Programs for the education necessary to successfully complete the specified bachelor's degree or associate's degree programs.
(1) For each 12-month employment period designated by the Agency that the applicant is a full-time professional in an approved Commonwealth child-care facility, the Agency may forgive a proportional part of the applicant's loan so that the loan may be entirely forgiven over 4 years of full-time employment in an approved child-care facility.(2) For a graduate with a bachelor's or associate's degree in the specified areas, no more than $2,500 shall be forgiven in any year, and no more than $10,000 shall be forgiven for any applicant.(3) Payments shall be made to the lender/servicer in March and September.(4) A loan forgiveness award may not be made for a loan that is in default at the time of the application.