Ala. Admin. Code r. 610-X-12-.03 - Loan Conditions
(1)
Loans may be awarded for multiple years of graduate study, as specified in
statute.
(2) For the first year of
the program, the maximum annual loan limit is fifteen thousand dollars
($15,000). For subsequent years, the board may increase the maximum annual loan
amount by no more than five percent annually.
(3) Participants shall be selected from the
state of Alabama at large and, to the extent practicable, distributed
throughout the State.
(4)
Participants shall agree to provide verification of employment when requested
by the Board.
(5) Participants
shall sign a contract to repay the amount of the loan by working following
graduation in full-time practice as a CRNA, CRNP, or CNM in an area of critical
need for the time required in Code of Ala. 1975,
§
34-21-96.
(6) Participants shall notify the Board if
any of the following conditions apply:
(a)
Failure to complete the graduate nursing program when anticipated.
(b) Relocation.
(c) Employment following graduation from the
graduate nursing program, as provided in this chapter.
(d) Failure to complete the minimum number of
academic hours required by the loan repayment agreement.
(e) Withdrawal from the graduate nursing
program.
(7) The Board
shall develop and prescribe such forms of application, agreements, or other
documents as may be necessary to implement this chapter.
Notes
Author: Alabama Board of Nursing
Statutory Authority: Code of Ala. 1975, § 34-21-96.
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