R434-40-4. Geriatric Professionals and Health Care Professionals Loan Repayment Grants -- Terms and Service

  (1) To increase the number of geriatric professionals and health care professionals in underserved areas of the state, the Department may provide loan repayment grants to geriatric professional and health care professionals to repay loans taken for educational expenses in exchange for their agreement to serve for a specified period of time at an approved site in the state.

  (2) Loan repayment grants may be given only to repay bona fide loans taken by a geriatric professional and health care professional for educational expenses incurred while pursuing an education at an institution that awards a degree that qualifies a geriatric professional and health care professional to practice in his field.

  (3) Loan repayment grants under this section may not:

  (a) be used to satisfy other obligations owed by the geriatric professional and health care professional under any similar program and may not be used to repay a loan that is in default at the time of application; or

  (b) be in an amount greater than the total outstanding balance on the loans taken for educational expenses, including accrued interest.

  (4) The Department may not disburse any grant monies under the act until the recipient has performed at least six months of service at the approved site.