Section 1640-01-20-.07 - REPAYMENT(1) The Math & Science Teacher Loan must be repaid unless cancelled as described elsewhere in these rules. Repayment will include the full amount of the loan received.(2) Repayment shall begin at the end of the grace period, and shall be in monthly installments over a period of no more than eight (8) years, provided that payments must be a minimum of one hundred dollars ($100) per month.(3) The Math & Science Teacher Loan may be prepaid in whole or part at any time without penalty.(4) If the borrower of a Math or Science Teacher Loan is determined to have received the award based on inaccurate application information, the full amount of the loan becomes due immediately.(5) If the borrower fails to complete an enrollment period for any reason, the eligible postsecondary institution shall apply its refund policy to determine whether a refund may be required and/or funds returned to the Corporation. If the borrower withdraws after the refund period is over, the postsecondary institution must follow the Return of Title IV guidelines, if applicable, to calculate any return of the Math & Science Teacher Loan.(6) If a borrower issues a check, draft, warrant, or electronic funds transfer, which is subsequently returned to the Corporation due to insufficient funds, a stop payment order by the issuer, or any other reason, the payment to which these funds was applied shall be reversed on the borrower's account. Additionally, the Corporation may charge a reasonable service fee for such a transaction.Tenn. Comp. R. & Regs. 1640-01-20-.07
Public necessity rule filed November 20, 2006; effective through May 4, 2007. Original rule filed November 20, 2007; effective March 30, 2007.Authority: 2006 Tenn. Pub. Acts, ch. 977, and T.C.A. §§ 49-4-201 and 49-4-924.