Section 8.05. Loan forms and application process.

 

(1)  A student seeking a loan shall submit to both the board and the borrower's institutional financial aid office the nationally accepted needs analysis form used by the institution and the board. The forms are available from the institutional financial aid offices. The board shall provide the agreement form to the borrower after the loan has been approved.

(2)  The institutional aid office shall determine the borrower's cost of education and financial contribution within the requirements set by the board. The aid office shall decide if the borrower shall receive a loan.

(3)  The institutional aid office shall notify the board of the loan amount for the borrower. The board shall voucher a check for the borrower's loan after the borrower's signed agreement form has been received by the board. The agreement form shall set forth the terms of the loan; the terms of forgiveness; the terms of repayment; and the borrower's rights and responsibilities.

(4)  All borrower contact concerning forgiveness and repayment shall be with the board. After leaving school the borrower is required to maintain contact with the board until the loan is either forgiven or repaid. The borrower is required to forward all name, address and telephone changes to the board.

History: Cr. Register, November, 1988, No. 395 , eff. 12-1-88.