Fishers Lane, Rockville, MD 20857. The school is required for each year of service to make payments of principal and interest, in an amount equal to the amount of payments made by the Secretary. These payments must be in addition to the pay the individuals otherwise would receive. However, the Secretary may waive this requirement if it is determined that it would impose an undue financial hardship on the school involved. A consideration for waiver will be based on documentation submitted by the school which must include financial statements to support hardship.
Assistance is available during the time specified in the contract.
This program requires no specific audits of lenders or schools. Health professions schools participating in programs relating to Federal financial assistance are required to receive a biennial audit. Schools should maintain administrative and fiscal records. Lenders should maintain records of promissory notes to support loan repayments.