A. A recipient shall furnish the Office of Student Financial Assistance (OSFA) with written acceptance of the award and sign a promissory note and employment obligation agreement with OSFA.
B. The promissory note and employment obligation agreement shall include:
(1) The obligations of the recipient;
(2) The total and annual amounts of the award;
(3) Penalties for breach of the promissory note and employment obligation agreement;
(4) Circumstances under which the employment obligation may be canceled, suspended, or waived; and
(5) Any other terms the Maryland Secretary of Higher Education considers necessary.
C. A recipient shall:
(1) Verify eligible employment and salary level initially, after 6 months, and at the end of each year in the program;
(2) Verify the current status of all education loans each year in the program;
(3) Submit a copy of their Maryland tax returns for any year during which an award is received and, if requested, a copy of their federal return; and
(4) Notify OSFA and their lending institutions of any change in employment status or salary level.