Wisconsin Administrative Code
(VA) - Department of Veterans Affairs
VA 1 - General
VA 1.17 - Economic assistance loans
§ VA 1.17. Economic assistance loans
(1) SATISFACTION OF LOAN UPON VETERAN'S DEATH. If a veteran who has obtained a loan under s., 1995 Stats., dies before completing repayment, the department shall satisfy the loan.
(2) SUBORDINATION AGREEMENT AND PARTIAL RELEASE OF MORTGAGE. The department may execute a subordination agreement or release a portion of the property providing security for its mortgage on a loan under s., 1995 Stats., if the mortgagor's equity in the property secured by the mortgage is greater than 10% of the property's value after the execution of the subordination agreement or partial release, the applicant is current on the loan and the repayment history for the 6 months immediately preceding the request has been satisfactory.
(3) DEFERMENT OF PAYMENTS. Where a veteran who is enrolled in a full-time course of instruction, as verified by the educational institution in which the veteran is enrolled, or in a part-time course of instruction only in cases described in this subsection, applies for deferment of the obligation to commence or continue to make payments on a loan, under s., 1995 Stats., the department may grant a deferment if the installments on such loans are less than 90 days delinquent at the time of approval of the deferment and, in the case of a guaranteed loan, if the guarantors consent in writing to the deferment. A deferment may not exceed one year and may not extend more than 3 months beyond the anticipated completion date of the veteran's educational objective but a veteran may qualify for additional deferments if eligible for such deferments under the provisions of this subsection at the time of application. The department may grant deferments to a veteran enrolled in a part-time study course of instruction because such veteran is disabled or unable due to physical or mental disability to enroll in a full-time course of instruction, is a graduate student who has completed the course of work required for a degree but must complete a thesis requirement, or is in the final semester or term of an educational program and needs less than full-time study to meet graduation requirements. Participation in a medical internship program shall be deemed to be enrollment in a full-time course of instruction for the purposes of this subsection.(Cr. Register, July, 1998, No. 511, eff. 8-1-98.)