Regulation .08 Payment.
Regulation .08 Payment.LinkCopy Citation
A.
Recipients of the Hoffman LARP are eligible to receive a monthly or annual payment.
B.
A recipient is eligible for the monthly loan repayment option under the following conditions:
(1)
The recipient applies to a federal loan forgiveness program;
(2)
The recipient notifies the Office of Student Financial Assistance (OSFA) each year in writing by the designated deadline, with accompanying documentation;
(3)
OSFA verifies the recipient’s employment and lender verifications;
(4)
OSFA issues a monthly check co-payable to the recipient and their lender, not to exceed 12 payments;
(5)
The check shall be issued on or before the recipient’s monthly due date as assigned by their lender, if possible;
(6)
The recipient’s monthly payment amount shall be a portion of the total annual award amount awarded to the student;
(7)
The recipient shall pay any amount owed the lender which is not covered by the monthly payment amount; and
(8)
The recipient shall notify OSFA if they receive other loan repayment assistance.
C.
A recipient who is not in a federal loan forgiveness program or a recipient that applies to a federal loan forgiveness program and declines to receive a monthly repayment option shall receive an annual loan repayment under the following conditions:
(1)
OSFA shall verify the recipient’s employment and lender verification;
(2)
OSFA shall issue an annual check co-payable to the recipient and their lender; and
(3)
The recipient shall endorse the check and forward it to the lender.
D.
If a recipient fails to notify OSFA that they receive other loan repayment assistance, their award shall be canceled.