Minnesota Administrative Rules
Agency 201 - Higher Education Office of Minnesota
Chapter 4850 - SUPPLEMENTAL STUDENT LOANS
Part 4850.0018 - CLAIMS
Universal Citation: MN Rules 4850.0018
Current through Register Vol. 48, No. 39, March 25, 2024
Subpart 1. Filing claim. The commissioner must file a claim to the bad-debt reserve for the outstanding principal of the loan plus accrued interest if, after exercising due diligence:
A. the commissioner is unable to collect a loan payment from a borrower or cosigner; and
B. the loan is at least 120 days past due.
Subp. 2. Bad-debt reserve. A claim to the bad-debt reserve is filed according to this subpart.
A. The commissioner must file a claim for death of the borrower upon confirming the borrower's death.
B. If the borrower becomes totally and permanently disabled, the commissioner must file a claim upon receiving a certification under part 4850.0027, subpart 2. The borrower's and cosigner's obligation to make any further payment of principal and interest on a SELF Loan is canceled as of the date that the office receives and approves a certification under part 4850.0027, subpart 2.
C. If a borrower or cosigner or both are adjudicated bankrupt and have liability for the SELF Loan discharged, any party not adjudicated bankrupt remains liable for unpaid principal and interest.
Statutory Authority: MS s 136A.01; 136A.04; 136A.111; 136A.16; 136A.1701; 136A.234
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