W. Va. Code R. § 133-34-10 - Forbearance
10.1. To be eUgible
for forbearance, a borrower must apply for and receive approval from the
institutional financial aid officer or designated representative. The financial
aid officer or designated representative may grant forbearance for periods of
documented disability, unemployment or other economic hardship.
10.2. The Vice Chancellor for Administration
must be notified by the financial aid officer or designated representative of
all forbearance approvals related to this program.
10.3. A borrower is ehgible for forbearance
for a period not to exceed twelve (12) months at one time.
10.4. A borrower may be held responsible for
paying a portion of the accrued interest on the loan as a condition for
granting forbearance.
10.5. During
any period of forbearance, interest shall continue to accrue on the loan. If a
borrower does not pay interest during the forbearance period, it will be
capitalized at the end of the forbearance period.
10.6. Loan payments shall resume within sixty
days of the forbearance end date. The exact amount of monthly payments shall be
calculated in accordance with the original loan agreement.
Notes
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.
No prior version found.