Regulation .07 Participant Obligation.

A participant shall provide the Department with required documentation including:

(1)

Lender verification of education loan balance;

(2)

Documentation of employer verification;

(3)

A signed Promissory Note that includes;

(a)

The disbursement methods utilized by the Department in the repayment of education loans;

(b)

The roles and responsibilities of the participant in the disbursement of funds to the lender institution;

(c)

Penalties for failing to comply with terms and conditions of agreements with the Department; and

(d)

Other terms as determined by the Department;

(4)

A Service Obligation Agreement that includes;

(a)

Obligations of the participant;

(b)

Total and annual amounts of the Program award;

(c)

Completion of data and verifications required by the Department;

(d)

Penalties for breach of the Promissory Note and Service Obligation Agreements;

(e)

Incorporation of the Promissory Note and Program Guidelines; and

(f)

Other appropriate terms as determined by the Department; and

(5)

All other documentation as required by the Department.

A participant shall:

(1)

Continue to meet the eligibility requirements as stated in Regulation 03A and B of this chapter; and

(2)

Serve a minimum service obligation as stipulated in the Service Obligation Agreement with the Department.