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§ 30716. Loan Payments.

5 CA ADC § 30716Barclays 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 § 30716
§ 30716. Loan Payments.
Currentness
(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 subsection (b), when the Commission has received the following information for each qualifying year of service for which payment is to be made:
(1) from each lending institution, for each loan that qualifies for the assumption under the program and the loan assumption agreement:
(i) program participant's name and social security number;
(ii) account number;
(iii) interest rate;
(iv) disbursement date;
(v) payoff amount as of June 30;
(vi) lending institution/servicer name;
(vii) lending institution/servicer eight-digit identification code;
(viii) address to which payment is to be sent;
(ix) a signature of the lending institution official under penalty of perjury of the laws of the state of California certifying that this loan information is correct;
(x) printed name, telephone number and email address of the lending institution official;
(2) certification from the Office of the Adjutant General that the program participant completed the year of satisfactory service required for a loan assumption payment to be made;
(3) verification from the institution of higher education or qualified vocational diploma program, of enrollment status or of academic leave of absence for the academic year corresponding with the year of military service or verification that participant has completed the vocational diploma program or a baccalaureate degree. Such verification is not required of participants who had completed their baccalaureate degree or vocational diploma program prior to acceptance as a participant in the program and submitted verification of completion with their application to the program pursuant to Section 30711.
(b) Loan payments made by the Commission 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 qualifying 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.

Credits

Note: Authority cited: Section 69751, Education Code. Reference: Sections 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, § 30716, 5 CA ADC § 30716
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