R434-40-8. Eligible Bona Fide Loans  


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  •   (1) An eligible bona fide loan is a loan used to pay for educational expenses leading to a qualifying geriatric professional or health care professional degree approved by the Department.

      (2) A bona fide loan includes the following:

      (a) a commercial loan made by a bank, credit union, savings and loan association, insurance company, school, or credit institution;

      (b) a governmental loan made by a federal, state, county, or city agency;

      (c) a loan made by another person that is documented by a contract notarized at the time of the making of the loan, indicative of an arm's length transaction, and with competitive term and rate as other loans available to students; or

      (d) a loan that the applicant conclusively demonstrates to the Department is a bona fide loan.