SECTION 22.47. Requirements of Cosigner/Accommodation Party

(a) A cosigner/accommodation party shall:

(1) be at least 21 years of age or older;

(2) have a regular source of income;

(3) have received a favorable evaluation of his/her credit report; and

(4) reside in the United States or a U.S. territory and be a U.S. citizen or permanent resident of the United States.

(b) A spouse may not act as the cosigner/accommodation party for the student.

(c) CAL or HELP cosigners/ accommodation parties are guarantors of payment and not of collection; it is not necessary for the Board to demonstrate that the borrower is insolvent before it may pursue collection against the cosigner/accommodation party.

Source Note: The provisions of this §22.47 adopted to be effective May 22, 2003, 28 TexReg 3950; amended to be effective November 28, 2005, 30 TexReg 7855; amended to be effective May 16, 2006, 31 TexReg 3872; transferred effective June 1, 2017, as published in the Texas Register May 19, 2017, 42 TexReg 2739