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Texas Statutes (Last Updated: January 4, 2014) |
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EDUCATION CODE |
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Title 3. HIGHER EDUCATION |
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Subtitle B. STATE COORDINATION OF HIGHER EDUCATION |
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Chapter 61. TEXAS HIGHER EDUCATION COORDINATING BOARD |
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Subchapter M. REPAYMENT OF CERTAIN TEACHER AND FACULTY EDUCATION LOANS |
Sec. 61.705. REPAYMENT
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(a) The board shall deliver any repayment made under this subchapter in a lump sum payable to the lender and the person, in accordance with federal law.
(b) A repayment made under this subchapter may be applied to the principal amount of the loan and to interest that accrues.
(c) The minimum amount of repayment assistance that may be awarded in one year to a person who qualifies for the assistance under Section 61.702 is the lesser of:
(1) $1,000; or
(2) the amount of principal and accrued interest that is due on eligible loans in that year.
(d) A person may not receive repayment assistance for classroom teachers under this subchapter in a total amount that exceeds $5,000, and may not receive that repayment assistance for more than five years.
(e) The minimum amount of repayment assistance that may be awarded in one year to a person who qualifies for the assistance under Section 61.7021 is 50 percent of the amount of principal and accrued interest that is due on eligible loans that year.