Georgia § 20-3-386 Distribution of education loan repayment assistance; conditions

Georgia Statutes

§ 20-3-386 — Distribution of education loan repayment assistance; conditions

(a)Beginning the seventh month that an attorney is employed in one of the positions listed in Code Section 20-3-385 , the authority may distribute education loan repayment assistance for the attorney in an amount not to exceed $600.00 per month or the attorney's monthly debt service at the time the initial payments on the loan commenced, whichever is smaller except as otherwise provided in Code Section 20-3-387 . The attorney may also elect to receive an amount less than the maximum amount authorized and less than the attorney's monthly debt service.

(b)As a condition of receipt of the loan forgiveness provided for in subsection (a) of this Code section, the attorney shall enter into a contract with the authority providing that the attorney will remain employed in one of the capacities s

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Beginning the seventh month that an attorney is employed in one of the positions listed in Code Section 20-3-385 , the authority may distribute education loan repayment assistance for the attorney in an amount not to exceed $600.00 per month or the attorney's monthly debt service at the time the initial payments on the loan commenced, whichever is smaller except as otherwise provided in Code Section 20-3-387 . The attorney may also elect to receive an amount less than the maximum amount authorized and less than the attorney's monthly debt service. (b) As a condition of receipt of the loan forgiveness provided for in subsection (a) of this Code section, the attorney shall enter into a contract with the authority providing that the attorney will remain employed in one of the capacities specified in subsection (a) of Code Section 20-3-385 for one month after receipt of the attorney's last monthly installment of such assistance for each month for which such assistance was received up to a maximum of 18 months. If the attorney receives the maximum amount authorized, the attorney shall remain employed in such capacity for 18 months after receipt of the last monthly installment. If the attorney receives a lesser amount of education loan repayment assistance than the maximum amount authorized, the employment commitment shall be decreased proportionately, as determined by the authority; provided, however, that the authority may release the attorney from such obligation if it is demonstrated to the satisfaction of the authority that such attorney is unable to obtain employment in said specified capacities. (c) In the event that the attorney breaches the conditions of the contract with the authority, all moneys distributed by the authority under the contract during the 18 months immediately preceding the month in which the breach occurs shall at once become due and payable to the authority in cash with interest at a rate to be set by the authority. (d) The authority shall attempt to operate in such a manner as to qualify for the tax benefits provided in 26 U.S.C.A. Section 108 . (e) Nothing in this subpart shall preclude the obligations of the attorney to repay his or her student loan by cash or by service.

Georgia § 20-3-386 (Distribution of education loan repayment assistance; conditions) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.