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Code · CFR · Title 34 — Education · Part 681 · § 681.7

§ 681.7. The loan application process.

710 words·~3 min read·/us/cfr/t34/s§ 681.7·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)(1)(i) A student seeking a HEAL loan applies to a participating lender for a HEAL loan by submitting an application form supplied by the school.
(ii)The applicant must fill out the applicant sections of the form completely and accurately.
(2)The student applicant must have been informed of the Federal debt collection policies and procedures in accordance with the Health and Human Services
(HHS)Claims Collection Regulation (45 CFR part 30) prior to the student receiving the loan. The applicant must sign a certification statement attesting that the applicant has been notified of the actions the Federal Government can take in the event that the applicant fails to meet the scheduled payments. This signed statement must be maintained by the school and the lender or holder as part of the borrower's official record.
(3)A student applicant must have his or her school complete a portion of the application providing information relating to:
(i)The applicant's eligibility for the loan;
(ii)The cost of his or her education; and
(iii)The total financial resources that are actually available to the applicant for his or her costs of education for the period covered by the proposed HEAL loan, as determined in accordance with § 681.51(f), and other student aid that the applicant has received or will receive for the period covered by the proposed HEAL loan.
(4)The student applicant must certify on the application that the information provided reflects the applicant's total financial resources actually available for his or her costs of education for the period covered by the proposed HEAL loan and the applicant's total indebtedness, and that the applicant has no other financial resources that are available to the applicant or that the applicant will receive for the period covered by the proposed HEAL loan.
(5)A student applicant must certify on the application that if required under section 3 of the Military Selective Service Act to present himself for and submit to registration under such section, he has presented himself and submitted to registration under such section.
(b)The applicant pursuing a full-time course of study at an institution of higher education that is a "participating school" in the Guaranteed Student Loan Program but is not pursuing a course of study listed in § 681.5(b), applies for a HEAL loan as a nonstudent under paragraph
(c)of this section. (c)(1)(i) A nonstudent seeking a HEAL loan applies to a participating lender for a HEAL loan by submitting an application form supplied by the lender.
(ii)The applicant must fill out the applicant sections of the form completely and accurately.
(2)The nonstudent applicant must have been informed of the Federal debt collection policies and procedures in accordance with HHS' Claims Collection Regulation (45 CFR part 30) prior to the nonstudent receiving the loan. The applicant must sign a certification statement attesting that the applicant has been notified of the actions the Federal Government can take in the event that the applicant fails to meet the scheduled payments. This signed statement will be maintained by the lender or holder as part of the borrower's official record.
(3)A nonstudent applicant must have his or her employer or institution, whichever is relevant, certify on the application that the applicant is:
(i)Enrolled as a full-time student in an eligible school, as described in § 681.12;
(ii)A participant in an accredited internship or residency program, as described in § 681.11(a);
(iii)A member of the Armed Forces of the United States;
(iv)A Peace Corps volunteer;
(v)A member of the National Health Service Corps; or
(vi)A full-time VISTA volunteer under Title I of the Domestic Volunteer Service Act of 1973.
(4)The nonstudent applicant seeking a HEAL loan during the grace period applies to the lender directly.
(5)A nonstudent applicant must certify on the application that if required under section 3 of the Military Selective Service Act to present himself for and submit to registration under such section, he has presented himself and submitted to registration under such section.
(6)The nonstudent applicant must have certified on the application that the information provided reflects the applicant's total financial resources and indebtedness. (Approved by the Office of Management and Budget under control numbers 0915-0038 and 1845-0125)
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  • 45 CFR 30
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§ 681.7
The loan application process.
Cite45 CFR 30
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