topleft CSBA.org >  Services >  Governance Technology > 

Legal Resources | Title 5 |  T5  30516  

Alteration of Repayment Schedule When Scholar's Financial Condition Warrants.   

arrow Previous bar Next arrow

The California Student Aid Commission shall determine whether to reduce the amount of the required periodic payments for a scholar who does the following, in writing, at any time during the repayment process:

(a) Asks for a reduction of the periodic payment to a specified amount; and

(b) Asks for the payment reduction for a specified period of time, indicating the date of the commencement of the payment of the reduced amount and the date when it will return to its set amount; and

(c) Explains the reason for and provides appropriate documentation of a financial hardship; and

(d) Agrees to make supplemental payments after the lower payment period to complete repayment within the time specified by law.

Authority cited:

Education Code 69741

Education Code 69742

Reference:

Code of Federal Regulations, Title 34, Section 653.42(d) (2) (ii).

(Amended by Register 88, No. 53.)