Service agreement.

CFR · 2024-01-01 · US · Title 7

(a) The service agreement shall be signed by the program participant and the Secretary after acceptance of the terms and conditions of the loan repayment program by the program participant. (b) The service agreement shall specify the period of obligated service. (c) The service agreement shall specify the amount of loan repayment to be paid for each year of obligated service. (d) The service agreement shall contain a provision defining when a breach of the agreement by the program participant has occurred. (e) The service agreement shall provide remedies for the breach of a service agreement by a program participant, including repayment or partial repayment of financial assistance received, with interest. (f) The service agreement shall include provisions addressing the granting of a waiver by the Secretary in case of hardship. (g) Payments under the service agreement do not exempt a program participant from the responsibility and/or liability for any loan(s) for which he or she is obligated, as the Secretary is not obligated to the lender/note holder for its commitment to the program participant. (h) During the term of the service agreement, the program participant shall agree that the Secretary or the designated VMLRP service provider is (i) The service agreement shall contain certifications, as determined by the Secretary. (j) The service agreement shall contain provisions addressing the income tax liability of the program participant and the availability of reimbursement

official document · source cfr-2024 · id 7:§ 3431.18