| (a) If a borrower has not earned a doctoral degree and is not serving as a full-time academic administrator or a faculty member at an institution of higher education in Texas before the first day of the seventh month after dropping below full-time study, the borrower must begin repaying eligible education loans to the holders of the loan notes unless the loan notes provide for longer grace periods. (b) With the exception that any outstanding principal and interest remaining on eligible loans becomes due and payable by the borrower to the eligible lender on the day after the borrower ceases to serve as an academic administrator or faculty member at an institution of higher education in Texas, the beginning of repayment, the minimum repayment amount, and the period of the eligible education loans are determined by the notes signed by the borrower. (c) Authorized deferments and periods of forbearance depend upon the provisions of the education loan notes and the discretion of the lenders or holders of the loan notes. |
