12 Va. Admin. Code § 5-508-75

Current through Register Vol. 41, No. 10, December 30, 2024

Section 12VAC5-508-75 - Loans qualifying for repayment

A. Based on the availability of funds, the loan repayment program shall pay for the cost of education necessary to obtain a medical degree. The program shall pay toward the outstanding principal, interest, and related expense of verifiable federal, state, or local government loans and commercial loans obtained by the participant for:

1. Tuition expenses; and

2. Other reasonable educational expenses.

B. All loan repayment awards shall be applied only to outstanding educational loans secured while attending an accredited medical school. Qualifying outstanding educational loans shall:

1. Have sufficient documentation verifying the educational use of the loans;

2. Not exceed the "reasonable" levels as determined by the school's standard budget in the year the loan was made; and

3. Not include loans from friends and relatives.

C. The department shall be the final authority in determining qualifying educational loans.

12 Va. Admin. Code § 5-508-75

Derived From Virginia Register Volume 32, Issue 20, eff. 7/15/2016.

Statutory Authority: §§ 32.1-12 and 32.1-122.6:1 of the Code of Virginia.