Utah Administrative Code
Topic - Health
Title R434 - Clinical Services, Primary Care and Rural Health
Rule R434-40 - Utah Health Care Workforce Financial Assistance Program
Section R434-40-8 - Eligible Bona Fide Loans
Universal Citation: UT Admin Code R 434-40-8
Current through Bulletin 2024-06, March 15, 2024
(1) An eligible bona fide loan is a loan used to pay for educational expenses leading to a qualifying recipient's professional degree approved by the Department.
(2) A bona fide loan includes the following:
(a) a commercial loan
made by a bank, credit union, savings and loan association, insurance company,
school, or credit institution;
(b)
a governmental loan made by a federal, state, county, or city agency;
(c) a loan made by another person that is
documented by a contract notarized at the time of the making of the loan,
indicative of an arm's length transaction, and with competitive term and rate
as other loans available to students; or
(d) a loan that the applicant conclusively
demonstrates to the Department is a bona fide loan.
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