054-1 Wyo. Code R. §§ 1-12 - Terms of Repayment

(a) Repayment of loans shall continue as specified under the loan agreement, until all loan obligations have been satisfied.

(b) A student may repay the loan without cash payment by working in Wyoming as a nurse, if the loan was for an undergraduate degree, or nurse educator, if the loan was for a graduate degree, as provided in subsection (c) of this section. To qualify as repayment under this subsection, work shall be performed within the following time periods which begin with the calendar month following the month in which the student completed the academic program:

(i) If the loan can be repaid with work of two (2) years or less, within three (3) years;

(ii) If the loan can be repaid with work of greater than two (2) years, but no more than four (4) years, within five (5) years;

(iii) If the loan can be repaid with work of greater than four (4) years, within the amount of time the loan could be repaid, plus two (2) years.

(c) Qualified work under subsection (b) of this section shall be credited so that the student's loan balance is reduced on the basis of one (1) year of full-time employment repaying the loan balance for one (1) academic year of full-time enrollment, or twelve thousand dollars ($12,000.00) of the loan, whichever is less. Qualified work shall be credited on a proportional basis.

(d) Qualified work under subsection (b) of this section shall be verified by the Board's designated financial institution by having received letter from the student's employer stating the person is currently or has been employed as a nurse or nurse educator. This letter must be submitted annually.

(e) Any student in a WYIN Program loan who fails:

(i) To complete the academic program for which the loan was provided shall commence cash repayment of the loan no later than forty-five (45) days after the student leaves the academic program;

(ii) To obtain employment in the targeted occupation for which the person received the education within ninety (90) days after successfully passing the appropriate certification or licensure examination shall commence cash repayment of the loan within one hundred twenty (120) days after successfully passing the appropriate certification or licensure examination;

(iii) To pass the appropriate certification or licensure examination on the first attempt may retake the examination at the next available opportunity before commencing repayment of the loan. The student shall notify the Board or its designated financial institution of the intent to retake the examination and the date the examination will be taken. Any student in the WYIN Program loan who fails the examination after the second attempt shall commence cash repayment of the loan within forty-five (45) days after receipt of notification of the second failure by the board of nursing. If the student in the WYIN Program loan who fails the examination on the first attempt does not retake the examination at the next available opportunity, cash repayment shall commence within forty-five (45) days after the next available examination is conducted.

(f) Cash repayment of loans and interest thereon shall be credited to the general fund.

Notes

054-1 Wyo. Code R. §§ 1-12

Adopted, Eff. 7/7/2004.