Section 1640-01-03-.09 - CANCELLATION/FORGIVENESS(1) For each year of continuous full-time employment in a Tennessee nursing education program in a teaching or administrative capacity, the borrower shall receive a credit of twenty-five percent (25%) of the amount borrowed, plus accrued interest on that portion of the debt cancelled. Cancellation credit will be applied at the end of each year and upon receipt of verification of such service.(2) For each year of continuous part-time employment in a Tennessee nursing education program in a teaching or administrative capacity, the borrower shall receive a credit of twelve and one-half percent (12.5%) of the amount borrowed, plus accrued interest on that portion of the debt cancelled.(3) To receive cancellation credit, the borrower shall provide employment verification as required by the TSAC.(4) Cancellation credit shall not begin until the borrower completes the program of study for which the graduate nursing loan was provided.(5) The debt shall be cancelled on the basis of conclusive evidence that the borrower has died or has been totally and permanently disabled and cannot perform the teaching obligation outlined in the regulations. The borrower is not considered totally and permanently disabled on the basis of a condition that existed prior to the loan application. If, at any time subsequent to an initial determination of disability, the borrower's condition improves to the point where a total and permanent disability no longer exists, the TSAC may reinstate any outstanding debt previously cancelled.Tenn. Comp. R. & Regs. 1640-01-03-.09
Original rule filed as a public necessity rule on December 11, 2006; effective through May 25, 2007. Original rule filed December 11, 2006; effective April 30, 2007. Amendment filed March 1, 2013; effective August 29, 2013.Authority: T.C.A. §§ 49-4-201 and 2006 Tenn. Pub. Acts Ch. 882.