Texas Administrative Code › Title 19 - EDUCATION › Part 1 - TEXAS HIGHER EDUCATION COORDINATING BOARD › Chapter 22 - STUDENT FINANCIAL AID PROGRAMS › Subchapter E - HINSON-HAZLEWOOD COLLEGE STUDENT LOAN PROGRAM: ALL LOANS MADE BEFORE FALL SEMESTER, 1971, NOT SUBJECT TO THE FEDERALLY INSURED STUDENT LOAN PROGRAM › Section 22.95 - Repayment of Loans

Current through Reg. 49, No. 28; July 12, 2024
(a) Repayment of
				  any loan and interest authorized under the Act shall be made directly to the
				  fund and shall be made monthly in an amount of not less than $15 or an amount
				  to be approved by the commissioner and shall begin not later than nine months
				  after the date the student ceases to carry at any higher educational
				  institution at least one-half the full-time academic workload as determined by
				  the institution and in no event later than five years from the date the first
				  note evidencing a loan under the Act is executed. The commissioner may
				  authorize a period longer than five years from the date the first note
				  evidencing a loan under the Act is executed before beginning repayment of loans
				  to medical, dental, and other students seeking professional or graduate
				  degrees. The commissioner may extend the time for beginning repayment of a loan
				  to any student due to unusual financial hardships, subject to approval by the
				  attorney general. Student borrowers must file with the commissioner a written
				  request for postponement of a loan due to unusual financial hardships. Such
				  requests shall contain the student borrower's permanent address, his income
				  during the postponement period, the length of time for which the postponement
				  is requested, and a statement of the circumstances creating such financial
				  hardship. Students will be notified as to the disposition of their request for
				  postponement.
(b) Payout note. At
				  such time as a student is no longer qualified to borrow from the fund or no
				  longer expects to borrow from the fund, the participating institution shall
				  cause the student borrower to execute a payout note. The principal amount of
				  the payout note shall be the aggregate amount of the interim notes plus accrued
				  interest and cost of insurance on the life of the student borrower. The
				  repayment schedule of the principal amount of the payout note plus interest and
				  cost of insurance, in monthly installments, shall be set forth on the
				  instrument. The original executed payout note shall be forwarded by registered
				  mail to the commissioner immediately.
(c) Failure to execute payout note. Failure
				  to execute a payout note makes all interim notes due and payable immediately.
				  All records, including transcripts or diplomas, will be withheld from a student
				  until a payout note is executed.
(d) Postponement of the repayment of loans.
				  The postponement of the repayment of a Texas opportunity plan loan may be made
				  under the following conditions.
(1) Continuing
				  education. A student borrower may petition the commissioner for a postponement
				  on the repayment of a loan from the fund provided that he has filed with the
				  commissioner a request for postponement of repayment of loan (Form 019) and a
				  verification of his enrollment in an institution of higher education by the
				  appropriate administrative official of the institution in which he is enrolled.
				  Such verification shall be made by the appropriate administrative official of
				  the institution at the beginning of each semester while the student borrower is
				  enrolled in the institution of higher education. It is the responsibility of
				  the student borrower to see that such verification is on file with the
				  commissioner.
(2) Financial
				  hardship. The repayment of a loan from the fund may be postponed for a
				  reasonable period of time provided that the student borrower can provide the
				  commissioner with evidence of financial hardship. All income and expense
				  information submitted by the student borrower must be supported by a certified
				  federal income tax return. The student borrower will be notified by the
				  commissioner of the disposition of the student's request after the commissioner
				  has caused the petition to be evaluated on its individual merits.