§ 30707. Loan Payments.
5 CA ADC § 30707Barclays Official California Code of Regulations
5 CCR § 30707
§ 30707. Loan Payments.
(a) A program participant may redeem the conditional agreement and the Commission shall make loan payments, pursuant to the loan assumption agreement and as provided in Section 30706 and subsection (c), when the Commission has received the following information on forms provided by the Commission for each qualifying year of teaching:
(F) verification the program participant provided teaching service in an eligible school, at a public school ranked in the lowest two deciles on the Academic Performance Index, or in an area that was designated as a current or projected shortage area at the time of application pursuant to the teaching service area indicated on the signed loan assumption agreement; and
(A) for participants who have completed their first year of eligible teaching service or have consolidated student loans after their first year of qualified teaching service, the following information from each lending institution for each loan that qualifies for payment under the program and the loan assumption agreement:
(2) A Federal Perkins Loan Program loan becomes non-assumable in its entirety upon the teacher's becoming eligible for cancellation of any part of that loan pursuant to the provisions of the Code of Federal Regulations, Title 34, Subtitle B, Chapter VI, Part 674, Subpart D, which is incorporated into this section by reference.
(c) A program participant may submit a written appeal for additional funds if the amount assumed is less than the maximum assumable amount and less than the program participant's June 30th balance. The appeal must include documentation from the program participant's lender verifying the outstanding balance as of June 30. If the Commission determines the program participant is eligible for an additional payment, payment will be made as specified in subsection (b) of this section. After Commission review and the program participant is determined to be eligible for an additional payment and the program participant's loans are paid in full after the June 30th balance census and before the Commission remits payment to the lender and the program participant does not have any other loans eligible for repayment, the payment will be issued directly to the program participant.
(d) Any credit generated on the program participant's account due to a payment made by the Commission shall be returned to the Commission. The Commission will research if the program participant has any other outstanding loans eligible for repayment and shall send the remaining balance of the payment due as a lump payment to the next eligible lender.
Credits
Note: Authority cited: Section 69615, Education Code. Reference: Sections 69613.2 and 69613.4, Education Code.
History
1. New section filed 6-7-99; operative 7-7-99 (Register 99, No. 24).
2. Repealer and new section filed 1-21-2010; operative 1-21-2010 pursuant to Government Code section 11343.4 (Register 2010, No. 4).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 5, § 30707, 5 CA ADC § 30707
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