Texas Education Code 61.705 – Repayment
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(a) The board shall deliver any repayment made under this subchapter in a lump sum payable to the lender and the person, in accordance with federal law.
(b) A repayment made under this subchapter may be applied to the principal amount of the loan and to interest that accrues.
Terms Used In Texas Education Code 61.705
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The minimum amount of repayment assistance that may be awarded in one year to a person who qualifies for the assistance under § 61.702 is the lesser of:
(1) $1,000; or
(2) the amount of principal and accrued interest that is due on eligible loans in that year.
(d) A person may not receive repayment assistance for classroom teachers under this subchapter in a total amount that exceeds $5,000, and may not receive that repayment assistance for more than five years.
(e) The minimum amount of repayment assistance that may be awarded in one year to a person who qualifies for the assistance under § 61.7021 is 50 percent of the amount of principal and accrued interest that is due on eligible loans that year.