13B.08.02.08

.08 Payment.

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 recipientís 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 recipientís monthly due date as assigned by their lender, if possible;

(6) The recipientís 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 recipientís 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.