Section 30915 - Loan Payments(a) A program participant may redeem the conditional warrant and the Commission shall make loan payments, pursuant to the loan assumption agreement and as provided in Section 30914 and subsection (c), when the Commission has received the following information for each qualifying year of teaching: (1) documentation certifying that the program participant has received a baccalaureate or graduate degree in nursing or a field related to nursing from an accredited, participating institution;(2) the following employment information for each applicable year of employment subject to the loan assumption agreement: (i) program participant's name and social security number;(ii) names and addresses of the program participant's employers;(iii) program participant's signature under penalty of perjury under the laws of the State of California.(3) the following employment information from the participant's employer(s) for each applicable year of employment subject to the loan participation agreement: (i) statement that the program participant completed an academic year of teaching nursing on a full-time basis, or, if the program participant is employed on a part-time basis, the percentage of employment as related to a full-time academic year.(ii) statement that the employer is a regionally accredited California college or university;(iii) employer representative's printed or typed name, title, and telephone number;(iv) employer representative's signature under penalty of perjury under the laws of the State of California;(v) certification that the participant has not received a grant pursuant to Article 3.51 commencing with Section 78260 of the Education Code.(4) the following information from each lending institution for each loan that qualifies for payment under the program and the loan assumption agreement: (i) program participant's name and social security number;(ii) account number for each loan;(iii) interest rate for each loan;(iv) disbursement date for each loan;(v) payoff amount for each loan as of June 30;(vi) indication for each loan whether the loan is delinquent or in default;(vii) lending institution/servicer name;(viii) lending institution/servicer eight-digit servicer identification code;(ix) address for where payment is to be sent;(x) a signature of the lending institution official under penalty of perjury under the laws of the State of California(xi) printed name of the lending institution official;(xii) e-mail address of the lending institution official;(xiii) telephone number of the lending institution official;(5) the Commission has determined that the program participant has satisfied the requirements for payment to be made under the loan assumption agreement.(b) A program participant who teaches on less than a full-time basis is not eligible for a loan payment until he or she teaches for the equivalent of a full-time academic year.(c) Loan payments shall be made by lump-sum payment to the lender, to be applied directly to the principal balance, if not otherwise prohibited by applicable law or by the terms of the loan agreement between the program participant and the lender. Payments shall first be made toward loans with the highest interest rates. The program participant shall continue to make payments as required under the terms of the loans to avoid defaulting on those loans, until notified by the lenders or loan servicers that the loans are paid in full.Cal. Code Regs. Tit. 5, § 30915
1. New section filed 5-7-2007; operative 5-7-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 19). Note: Authority cited: Section 70106, Education Code. Reference: Sections 70101, 70102 and 70103, Education Code.
1. New section filed 5-7-2007; operative 5-7-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 19).