| (a) The Board shall retain the right to determine the eligibility of lenders and holders of education loans to which payments may be made. An eligible lender or holder shall, in general, make or hold education loans made to individuals for purposes of undergraduate, medical and graduate medical education and shall not be any private individual. An eligible lender or holder may be, but is not limited to, a bank, savings and loan association, credit union, institution of higher education, secondary market, governmental agency, or private foundation. (b) To be eligible for repayment, an education loan must: (1) be evidenced by a promissory note for loans to pay for the cost of attendance for undergraduate, graduate, or medical education; (2) not have been made during residency; (3) not be in default at the time of the physician's application; (4) not have an existing obligation to provide service for loan forgiveness through another program; (5) not be subject to repayment through another student loan repayment or loan forgiveness program; (6) if the loan was consolidated with other loans, the physician must provide documentation of the portion of the consolidated debt that was originated to pay for the cost of attendance for the physician's undergraduate, graduate, or medical education; and (7) not be an education loan made to oneself from one's own insurance policy or pension plan or from the insurance policy or pension plan of a spouse or other relative. |
