Texas Education Code - Section 56.055. Deferred Repayment
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§ 56.055. DEFERRED REPAYMENT. (a) It is the goal of this
state that no resident be denied the opportunity to receive an
education in a public institution of higher education due to a lack
of financial ability. Accordingly, on a finding that a resident
would be deprived of an education due to a lack of financial
ability, an institution shall defer repayment of emergency loans
under this section. The deferral provided for by this section is
not a property right of the borrower.
(b) The deferred repayment must begin on the earlier of the
following dates:
(1) the first day of the ninth month after the last
month in which the borrower was enrolled in a public institution of
higher education; or
(2) the fifth anniversary of the date on which the loan
was executed.
(c) Under rules adopted by the coordinating board, an
institution may extend the time for repayment of undergraduate
loans made to students who later enroll in a graduate or
professional program at an institution of higher education. The
coordinating board shall adopt guidelines for determinations of
extreme financial hardship and other instances in which the public
interest is served if a loan is forgiven. Each institution shall
forgive loans in accordance with those guidelines.
Added by Acts 1985, 69th Leg., ch. 708, § 15(a), eff. Aug. 26,
1985.
Section: 56.037 56.038 56.039 56.051 56.052 56.053 56.054 56.055 56.071 56.072 56.073 56.074 56.075 56.076 56.077
Last modified: August 10, 2007
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