Oregon Administrative Rules
Chapter 575 - HIGHER EDUCATION COORDINATING COMMISSION, OFFICE OF STUDENT ACCESS AND COMPLETION
Division 70 - OREGON TEACHER CORPS LOAN PROGRAM
Section 575-070-0090 - Default

Universal Citation: OR Admin Rules 575-070-0090

Current through Register Vol. 63, No. 9, September 1, 2024

(1) A loan shall be judged to be in default when an installment is due and not paid within 120 days.

(2) The holder of a note may exercise the right of offset against any maker or co-maker of defaulted loans under the conditions set forth by the laws of the State of Oregon. The maker or co-maker shall pay any charges for assistance in exercising the right of offset incurred by the holder of the note.

(3) The maker or co-maker shall pay all charges incurred should the note(s) be referred to an outside collection agency.

(4) The application of offsets to a defaulted loan shall not be credited to future payments nor be a substitute for regular monthly installments.

(5) The prepayment of a portion of a defaulted loan shall not be credited to future payments nor be a substitute for regular monthly installments.

Stat. Auth.: ORS 348

Stats. Implemented: ORS 329.757 - 329.780

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