Nev. Admin. Code § 226.Sec. 7 - NEW
1.
The State Treasurer will review each application to receive repayment of
student education loans under the Program.
2. If the State Treasurer determines that an
application is incomplete or requires additional information or clarification,
the State Treasurer may request additional information from the applicant. If
the applicant does not submit the requested information within the period
prescribed by the State Treasurer, the State Treasurer will deny the
application.
3. The State Treasurer
will deny an application to receive repayment of student education loans under
the Program if the State Treasurer determines that:
(a) The application contains materially false
or misleading information; or
(b)
The applicant is not eligible for repayment of student education loans under
the Program.
4. If the
State Treasurer determines that an applicant is eligible for repayment of
student education loans under the Program and sufficient money is available to
make such repayment, the State Treasurer will:
(a) Calculate the ratio of the applicant's
income to the amount owed on the applicant's outstanding student education
loans;
(b) Determine the amount of
student loan repayment that the applicant is eligible to receive from the
Program pursuant to the methodology set forth in section 8; and
(c) Notify the applicant of the preliminary
approval of the applicant to receive repayment of student education loans under
the Program.
5. To
receive repayment of student education loans under the Program, an applicant
who receives a notice of preliminary approval pursuant to subsection 4 must
complete, sign and return to the State Treasurer the agreement for repayment of
student education loans developed pursuant to section 12. Upon receipt of a
completed and signed agreement for repayment of student education loans, the
State Treasurer or his or her designee will sign and execute the
agreement.
6. The State Treasurer
will make repayments of student education loans in accordance with the
agreement executed pursuant to subsection 5.
Notes
section 8 of Assembly Bill No. 45, chapter 265, Statutes of Nevada 2023, at page 1769 (NRS 226.462)
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
1. The State Treasurer will review each application to receive repayment of student education loans under the Program.
2. If the State Treasurer determines that an application is incomplete or requires additional information or clarification, the State Treasurer may request additional information from the applicant. If the applicant does not submit the requested information within the period prescribed by the State Treasurer, the State Treasurer will deny the application.
3. The State Treasurer will deny an application to receive repayment of student education loans under the Program if the State Treasurer determines that:
(a) The application contains materially false or misleading information; or
(b) The applicant is not eligible for repayment of student education loans under the Program.
4. If the State Treasurer determines that an applicant is eligible for repayment of student education loans under the Program and sufficient money is available to make such repayment, the State Treasurer will:
(a) Calculate the ratio of the applicant's income to the amount owed on the applicant's outstanding student education loans;
(b) Determine the amount of student loan repayment that the applicant is eligible to receive from the Program pursuant to the methodology set forth in section 8; and
(c) Notify the applicant of the preliminary approval of the applicant to receive repayment of student education loans under the Program.
5. To receive repayment of student education loans under the Program, an applicant who receives a notice of preliminary approval pursuant to subsection 4 must complete, sign and return to the State Treasurer the agreement for repayment of student education loans developed pursuant to section 12. Upon receipt of a completed and signed agreement for repayment of student education loans, the State Treasurer or his or her designee will sign and execute the agreement.
6. The State Treasurer will make repayments of student education loans in accordance with the agreement executed pursuant to subsection 5.
Notes
section 8 of Assembly Bill No. 45, chapter 265, Statutes of Nevada 2023, at page 1769 (NRS 226.462)