SECTION 610:25-27-5. Educational loan obligations for participant(s) with outstanding student loan debt

  In order to satisfy the educational loan obligation of the program, the Participant with outstanding student loan debt must:

(1)   Not rely on any TSEIP benefit disbursement to replace any scheduled student loan payment that is due and owing to any student loan holder.

(2)   Provide written notification to OSRHE of change of status on student loans, including notice of delinquency/default and the sale, transfer or consolidation of student loans to another lender or servicer.

(3)   Be free of any obligation to repay any state or federal educational grant and not be delinquent or in default on any state or federally insured educational loan. If, at any time, it is determined that a participant owes a grant refund or is in default on a loan, and has not made satisfactory payment arrangements, Participant may be withdrawn from the TSEIP.

[Source: Added at 18 Ok Reg 2773, eff 6-25-01; Amended at 25 Ok Reg 800, eff 3-11-08 (emergency); Amended at 26 Ok Reg 1327, eff 5-25-09]