RCW 28B.15.762
Loan program for mathematics and science
teachers -- Terms and conditions -- Collection -- Disposition of
payments -- Rules. (Effective until July 1, 2012.)
(1) The board
may make long-term loans to eligible students at institutions of
higher education from the funds appropriated to the board for
this purpose. The amount of any such loan shall not exceed the
demonstrated financial need of the student or two thousand five
hundred dollars for each academic year whichever is less, and the
total amount of such loans to an eligible student shall not
exceed ten thousand dollars. The interest rates and terms of
deferral of such loans shall be consistent with the terms of the
guaranteed loan program established by 20 U.S.C. Sec. 1701 et
seq. The period for repaying the loan principal and interest
shall be ten years with payments accruing quarterly commencing
nine months from the date the borrower graduated. The entire
principal and interest of each loan payment shall be forgiven for
each payment period in which the borrower teaches science or
mathematics in a public school in this state until the entire
loan is satisfied or the borrower ceases to teach science or
mathematics at a public school in this state. Should the
borrower cease to teach science or mathematics at a public school
in this state before the time in which the principal and interest
on the loan are satisfied, payments on the unsatisfied portion of
the principal and interest on the loan shall begin the next
payment period and continue until the remainder of the loan is
paid.
(2) The board is responsible for collection of loans made
under subsection (1) of this section and shall exercise due
diligence in such collection, maintaining all necessary records
to insure that maximum repayments are made. Collection and
servicing of loans under subsection (1) of this section shall be
pursued using the full extent of the law, including wage
garnishment if necessary, and shall be performed by entities
approved for such servicing by the Washington student loan
guaranty association or its successor agency. The board is
responsible to forgive all or parts of such loans under the
criteria established in subsection (1) of this section and shall
maintain all necessary records of forgiven payments.
(3) Receipts from the payment of principal or interest or
any other subsidies to which the board as lender is entitled,
which are paid by or on behalf of borrowers under subsection (1)
of this section, shall be deposited with the higher education
coordinating board and shall be used to cover the costs of making
the loans under subsection (1) of this section, maintaining
necessary records, and making collections under subsection (2) of
this section. The board shall maintain accurate records of these
costs, and all receipts beyond those necessary to pay such costs
shall be used to make loans to eligible students.
(4) Any funds not used to make loans, or to cover the cost
of making loans or making collections, shall be placed in the
state educational trust fund for needy or disadvantaged students.
(5) The board shall adopt necessary rules to implement this
section.
[1996 c 107 § 2; 1985 c 370 § 80; 1983 1st ex.s. c 74 § 2.]
NOTES:
Severability -- 1983 1st ex.s. c 74: See note following RCW 28B.15.760.
RCW 28B.15.762
Loan program for mathematics and science
teachers -- Terms and conditions -- Collection -- Disposition of
payments -- Rules. (Effective July 1, 2012.)
(1) The office may
make long-term loans to eligible students at institutions of
higher education from the funds appropriated to the office for
this purpose. The amount of any such loan shall not exceed the
demonstrated financial need of the student or two thousand five
hundred dollars for each academic year whichever is less, and the
total amount of such loans to an eligible student shall not
exceed ten thousand dollars. The interest rates and terms of
deferral of such loans shall be consistent with the terms of the
guaranteed loan program established by 20 U.S.C. Sec. 1701 et
seq. The period for repaying the loan principal and interest
shall be ten years with payments accruing quarterly commencing
nine months from the date the borrower graduated. The entire
principal and interest of each loan payment shall be forgiven for
each payment period in which the borrower teaches science or
mathematics in a public school in this state until the entire
loan is satisfied or the borrower ceases to teach science or
mathematics at a public school in this state. Should the
borrower cease to teach science or mathematics at a public school
in this state before the time in which the principal and interest
on the loan are satisfied, payments on the unsatisfied portion of
the principal and interest on the loan shall begin the next
payment period and continue until the remainder of the loan is
paid.
(2) The office is responsible for collection of loans made
under subsection (1) of this section and shall exercise due
diligence in such collection, maintaining all necessary records
to insure that maximum repayments are made. Collection and
servicing of loans under subsection (1) of this section shall be
pursued using the full extent of the law, including wage
garnishment if necessary, and shall be performed by entities
approved for such servicing by the Washington student loan
guaranty association or its successor agency. The *board is
responsible to forgive all or parts of such loans under the
criteria established in subsection (1) of this section and shall
maintain all necessary records of forgiven payments.
(3) Receipts from the payment of principal or interest or
any other subsidies to which the *board as lender is entitled,
which are paid by or on behalf of borrowers under subsection (1)
of this section, shall be deposited with the office and shall be
used to cover the costs of making the loans under subsection (1)
of this section, maintaining necessary records, and making
collections under subsection (2) of this section. The office
shall maintain accurate records of these costs, and all receipts
beyond those necessary to pay such costs shall be used to make
loans to eligible students.
(4) Any funds not used to make loans, or to cover the cost
of making loans or making collections, shall be placed in the
state educational trust fund for needy or disadvantaged students.
(5) The office shall adopt necessary rules to implement this
section.
[2011 1st sp.s. c 11 § 156; 1996 c 107 § 2; 1985 c 370 § 80; 1983 1st ex.s. c 74 § 2.]
NOTES:
*Reviser's note: The higher education coordinating board ("board") was abolished by 2011 1st sp.s. c 11 § 301, effective July 1, 2012. The office of student financial assistance replaced the higher education coordinating board for higher education financial aid responsibilities pursuant to 2011 1st sp.s. c 11 § 102, effective July 1, 2012.
Effective date -- 2011 1st sp.s. c 11 §§ 101-103, 106-202, 204-244, and 301: See note following RCW 28B.76.020.
Intent -- 2011 1st sp.s. c 11: See note following RCW 28B.76.020.
Severability -- 1983 1st ex.s. c 74: See note following RCW 28B.15.760.