Eligible education loans shall be repaid under the following conditions:
(1) The annual repayment(s) shall be made co-payable to the
attorney and the holder(s) of the loan(s).
(2) The annual repayment amount and the number of service periods
shall be determined by the Commissioner.
(3) The number of service periods shall not exceed ten years.
(4) The total amount of loan repayment received through this
program shall not exceed 50 percent of the total amount of the attorney's
outstanding law school loans, including scheduled interest payments at the
beginning of the first service period.
(5) If education loans obtained during law school have been
consolidated with undergraduate education loans or other professional education
loans, and neither the attorney nor the consolidation lender can provide documentation
of the indebtedness relating to the original loans for law school, the total
amount of loan repayment received through this program shall not exceed 50
percent of the current average cost of education at eligible schools of law.
(6) All payments are contingent upon availability of funds
and the applicant having met all program requirements at the end of the service
period.
(7) Prior conditional approval shall be communicated to eligible
attorneys.
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