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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 U. EARLY CHILDHOOD CHILD-CARE WORKER STUDENT LOAN REPAYMENT PROGRAM |
Sec. 61.876. AMOUNT OF REPAYMENT ASSISTANCE; LIMITATIONS
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(a) For each year that a qualified person serves as an early childhood child-care worker in this state, the person may receive loan repayment assistance in an amount not to exceed 15 percent of the total amount of the person's outstanding student loans, including scheduled interest payments that would become due if the loan is not prepaid, as of the date the person begins to receive repayment assistance under this subchapter.
(b) The amount of repayment assistance paid for a year may not exceed the lesser of:
(1) the actual amount of the loan payments the person receiving the assistance is required to make for that year; or
(2) an amount set by the board equal to the maximum amount of resident tuition and required fees paid by a person enrolled as a full-time student at a general academic teaching institution for the most recent academic year, excluding summer sessions.
(c) If money will not be sufficient to provide repayment assistance to each eligible applicant, the board shall select persons to receive repayment assistance from the eligible applicants according to financial need or on another basis the board considers reasonable to further the purposes of this subchapter.
(d) The board may determine the manner in which the loan repayment assistance is to be paid. The board may provide for the payment of a portion of the repayment assistance in one or more installments before the person completes a full year of service as an early childhood child-care worker and for the payment of the remainder of the repayment assistance for that year after the completion of the full year of service.