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§ 30715. Loan Assumption Agreements.

5 CA ADC § 30715Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 5. Education
Division 4. California Student Aid Commission
Chapter 1. California Student Aid Commission
Article 14.5. National Guard Assumption Program of Loans for Education
5 CCR § 30715
§ 30715. Loan Assumption Agreements.
(a) The Commission shall provide a loan assumption agreement to each nominated applicant selected by the Commission to be a program participant. The loan assumption agreement shall be effective when both the program participant and the Commission have signed the agreement.
(b) The loan assumption agreement shall include the following:
(1) The program participant shall agree to:
(i) maintain satisfactory service in the California National Guard, State Military Reserve or the Naval Militia throughout the period that he or she participates in the program;
(ii) be enrolled in an institution of higher education, on at least a half-time basis each academic term, or in a qualified vocational diploma program, and in good standing in such institution or program, through completion of academic requirements for a baccalaureate degree or completion of the vocational diploma program. If participant has completed a baccalaureate degree or vocational diploma program or completes a baccalaureate degree or vocational diploma program during the term of the agreement, he or she is not required to maintain enrollment for the remaining qualifying year(s) of service to receive loan assumption benefits. Participants called to active duty who are on academic leave of absence are not required to be enrolled during the term of such leave;
(iii) provide four consecutive years of satisfactory service in the National Guard, the State Military Reserve, or the Naval Militia;
(iv) authorize the institution of higher education or qualified vocational diploma program in which the applicant is enrolled or on academic leave of absence, or where the applicant completed a baccalaureate degree or vocational diploma program, the Office of the Adjutant General, and lenders to provide information requested by the Commission for the purposes of administering the loan assumption agreement;
(v) provide information required by the Commission for the purposes of administering the loan assumption agreement; and (vi) comply with all applicable laws and regulations applicable to the program.
(2) The Commission shall agree that:
(i) upon receipt of information required by Section 30716, including the certification of the Office of the Adjutant General that the program participant has completed one year of service or in the case of a participant who is eligible because he or she has agreed to reenlist or an officer who has committed to serve one year of additional service, as a qualifying member within the meaning of Section 66025.6 of the Education Code, the Commission shall assume, subject to the requirements of Section 69750.7 of the Education Code, up to two thousand dollars ($2,000) of the outstanding loan liability related to undergraduate or qualifying vocational training of the participant under one or more of the designated loan programs;
(ii) upon receipt of the information required by Section 30716, including certification by the Office of the Adjutant General that the program participant has completed two consecutive years of service or in the case of a participant who is eligible because he or she has agreed to reenlist or an officer who has committed to serve two consecutive years of additional service, as a qualifying member within the meaning of Section 66025.6 of the Education Code, the Commission shall assume, subject to the terms of Section 69750.7 of the Education Code, up to an additional three thousand dollars ($3,000) of the outstanding loan liability related to undergraduate or qualifying vocational training of the participant under one or more of the designated loan programs, for a total loan assumption of up to five thousand dollars ($5,000); and
(iii) upon receipt of the information required by Section 30716, including certification by the Office of the Adjutant General that the program participant has completed three consecutive years of service or in the case of a participant who is eligible because he or she has agreed to reenlist or an officer who has committed to serve three consecutive years of additional service, as a qualifying member within the meaning of Section 66025.6 of the Education Code, the Commission shall assume, subject to the terms of Section 69750.7 of the Education Code, up to an additional three thousand dollars ($3,000) of the loan outstanding liability related to undergraduate or qualifying vocational training of the participant under one or more of the designated loan programs, for a total loan assumption of up to eight thousand dollars ($8,000).
(iv) upon receipt of the information required by Section 30716, including certification by the Office of the Adjutant General that the program participant has completed four consecutive years of service or in the case of a participant who is eligible because he or she has agreed to reenlist or an officer who has committed to serve four consecutive years of additional service, as a qualifying member within the meaning of Section 66025.6 of the Education Code, the Commission shall assume, subject to the terms of Section 69750.7 of the Education Code, up to an additional three thousand dollars ($3,000) of the loan outstanding liability related to undergraduate or qualifying vocational training of the participant under one or more of the designated loan programs, for a total loan assumption of up to eleven thousand dollars ($11,000).
(c) The term of the loan assumption agreement shall be no more than ten (10) years from the date signed by the program participant and the Commission.
(d) The loan assumption agreement shall constitute a conditional warrant that may be redeemed with the Commission as specified in Section 30716.

Credits

Note: Authority cited: Section 69751, Education Code. Reference: Sections 66025.6, 69750.3, 69750.5 and 69750.7, Education Code.
History
1. New section filed 4-23-2007; operative 4-23-2007 pursuant to Government Code section 11343.4 (Register 2007, No. 17).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 5, § 30715, 5 CA ADC § 30715
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