Texas Register, Volume 19, Number 41, Pages 4291-4362, June 3, 1994 Page: 4,332
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(5) not have defaulted on any
education loan; and
(6) have submitted to the board
a properly completed application/promis-
sory note:
(A) for participation in the
program;
(B) for a loan or loans made
from the fund; or
(C) if the loan is not made
from the fund, for a conditional guarantee
of loan repayment.
21.979. Priority of Application Accep-
tance. Acceptance of applicants by the
board will depend upon the availability of
funds. Residents of Texas will receive pri-
ority in acceptance over residents from
other states having programs similar to this
program. The Commissioner will provide
for the review, evaluation, and approval of
applications for the program based on de-
gree of under-representation in an academic
field.
21.980. Responsibilities and Liabilities of
the Eligible Doctoral Student.
(a) A conditional guarantee of re-
payment from the fund does not release an
eligible doctoral student at any time from
the responsibilities and liabilities as a bor-
rower under terms of the promissory notes
of any eligible education loans received.
(b) If at any time and for any rea-
son an otherwise eligible doctoral student
ceases to be enrolled full-time in a master's
degree program leading to the doctorate or a
doctoral program at an eligible institution of
higher education before earning the doctor-
ate, a conditional guarantee of repayment
from the fund becomes null and void.
(c) The borrower is responsible for
any late fees assessed at any time on any
eligible loans.
(d) The borrower is responsible for
reporting to the Board any status change
affecting eligibility for participation in this
program.
(e) Any eligible doctoral student
who receives a forgiveness loan from the
fund is bound by the conditions of the
promissory note and service obligation of
that program as a borrower.
21.981. Forgiveness of Education
Loans. If a borrower earns the doctor of
philosophy degree or its equivalent and
serves as an academic administrator or a
faculty member at a Texas institution of
higher education, loans made by the boardfrom program funds may be forgiven. The
board will forgive eligible education loans
made through the program at the rate of
one-fifth of the outstanding principal bal-
ance and interest for each year of servie.e,
not to exceed five years.
21.982. Guarantee of Payment of Educa-
tion Loans.
(a) If a borrower earns the doctor of
philosophy degree and serves as an aca-
demic administrator or a faculty member at
an institution of higher education in Texas.
the program will repay from the fund eligi-
ble education loans through eligible lenders
or holders of those loans at the rate of one-
fifth of the outstanding principal balance
and interest for each year of service, not to
exceed five years.
(b) If the borrower enters a post-
doctoral fellowship no later than the first
day of the seventh month after the borrower
ceases to be enrolled full- time, the lender
or holder, as agreed upon, shall provide an
in-school deferment of payments or forbear-
ance until the borrower completes the post-
doctoral fellowship and begins serving as an
academic administrator or faculty member
at an institution of higher education in
Texas. The period of deferment or forbear-
ance may not exceed two years.
(c) A conditional guarantee of re-
payment of an eligible education loan shall
be provided to an eligible doctoral student
and to any eligible lender stating that:
(1) the board will repay from
the fund any eligible education loan in-
curred by the eligible doctoral student at the
rate of one-fifth of the outstanding principal
and interest for each full year of service as
an academic administrator or faculty mem-
ber at an institution of higher education in
Texas; and
(2) an eligible education loan
becomes due and payable by the borrower
to the eligible lender on the first day of the
seventh month after the borrower ceases to
be enrolled full-time at an institution of
higher education and is not serving as an
academic administrator or faculty member
at an institution of higher education in
Texas or on the day after the borrower
ceases to serve as an academic administra-
tor or faculty member at an institution of
higher education in Texas and has outstand-
ing principal and interest on eligible educa-
tion loans.
21.983. Repayment of Education Loans.
(a) If, no later than the first day of
the seventh month after the borrower drops
below full-time study, unless the loan note
provides for a longer grace period, the bor-
rower has not earned the doctor of
philosophy degree and is not serving as anacademic administrator or a faculty member
at an institution of higher education in
Texas, the borrower must begin repaying
eligible education loans to the holders of the
loan notes.
(b) With the exception that any out-
standing principal and interest remaining on
eligible loans becomes due and payable by
the borrower to the eligible lender on the
day after the borrower ceases to serve as an
academic administrator or faculty member
at an institution of higher education in
Texas, the beginning of repayment, the
minimum repayment amount, and the
period of the eligible education loans are
determined by the notes signed by the bor-
rower.
(c) Authorized deferments and
periods of forbearance depend upon the pro-
visions of the education loan notes and the
discretion of the lenders or holders of the
loan notes.
This agency hereby certifies that the rule as
adopted has been reviewed by legal counsel
and found to be a valid exercise of the agen-
cy's legal authority.
Issued in Austin, Texas, on May 25, 1994.TRD-9441429
James McWhorter
Assistant Commlloner for
Administration
Texas Higher Education
Coordinating BoardEffective date: June 17, 1994
Proposal publication date: December 14,
1993For further information, please
483-6160call: (512)
Chapter 25. Retirement
Annuity Programs
Subchapter A. Retirement An-
nuity Programs
* 19 TAC 1253, 255, 25.7
The Texas Higher Education Coordinating
Board adopts amendments to 25. 3, 25.5,
and 25.7, concerning Retirement Annuity Pro-
grams. Section 25.3 is adopted with changes
to the proposed text as published in the
March 15, 1994, issue of the Texas Register
(19 TexReg 1732). Section 25.5 and 25.7
are adopted without changes and wil not be
republished.
The new rules are necessary to promote uni-
formity in the administration of the Optional
Retirement Program (ORP) by Texas public
institutions of higher education. The changes
are being made in response to questions
received fom institutional ORP administra-
tors. The clarifications will provide for a better
understanding of the program. The technical
correction wil correct a reference in the rules
to a chapter in the Texas Government Code.
The new subsection clarifies the procedure
for returning the employer contrtxion when19 TexReg 4332 June 3, 1994 Texas Register *
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Texas. Secretary of State. Texas Register, Volume 19, Number 41, Pages 4291-4362, June 3, 1994, periodical, June 3, 1994; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth176894/m1/42/?q=%221994-06%22&rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.