Pennsylvania Code
Title 22 - EDUCATION
Part VIII - Higher Education Assistance Agency
Chapter 121 - STUDENT FINANCIAL AID
Subchapter N - EARLY CHILDHOOD EDUCATION PROFESSIONAL LOAN FORGIVENESS PROGRAM
Section 121.403 - Loan forgiveness
Current through Register Vol. 54, No. 44, November 2, 2024
Qualified applicants who are selected for the program in accordance with the Early Childhood Loan Forgiveness Act (24 P. S. §§ 7101-7106) are eligible for payment by the Agency of a portion of the debt incurred by the applicant through the Agency-administered Guaranteed Student Loan Programs for the education necessary to successfully complete the specified bachelor's degree or associate's degree programs.
(1) For each 12-month employment period designated by the Agency that the applicant is a full-time professional in an approved Commonwealth child-care facility, the Agency may forgive a proportional part of the applicant's loan so that the loan may be entirely forgiven over 4 years of full-time employment in an approved child-care facility.
(2) For a graduate with a bachelor's or associate's degree in the specified areas, no more than $2,500 shall be forgiven in any year, and no more than $10,000 shall be forgiven for any applicant.
(3) Payments shall be made to the lender/servicer in March and September.
(4) A loan forgiveness award may not be made for a loan that is in default at the time of the application.
