SECTION 23.214. Eligible Lender and Eligible Education Loan

(a) The Board shall retain the right to determine the eligibility of lenders and holders of education loans to which payments may be made. An eligible lender or holder shall, in general, make or hold education loans made to qualifying students to pay for their higher education costs and shall not be any private individual. An eligible lender or holder may be, but is not limited to, a bank, savings and loan association, credit union, institution of higher education, secondary market, governmental agency, or private foundation.

(b) To be eligible for repayment, an education loan must:

(1) be evidenced by a promissory note for loans to pay for the cost of the individual's attendance at an eligible institution for a semester or other term that ended in the five years immediately preceding the person's initial appointment as a peace officer;

(2) not be in default at the time of the peace officer's application;

(3) not have an existing obligation to provide service for loan forgiveness through another program;

(4) not be subject to repayment through another student loan repayment or loan forgiveness program or as a condition of employment; and

(5) if the eligible loan was consolidated with ineligible loans or included in a repayment schedule with ineligible loans, the applicant must provide documentation of the eligible loans, disaggregated from the ineligible loans.

(c) Credit card debt is not considered an educational loan eligible for repayment.

Source Note: The provisions of this §23.214 adopted to be effective December 5, 2019, 44 TexReg 7384; amended to be effective November 22, 2020, 45 TexReg 8343