Indiana § 21-16-4-14 Default; procedures

Indiana Statutes

§ 21-16-4-14 — Default; procedures

Indiana·Title 21 HIGHER EDUCATION·Art. 16 EARN INDIANA PROGRAM; STUDENT LOANS;·Ch. 4 Guaranteed Student Loan Program

Upon default by a borrower on a loan
guaranteed under this chapter, and before the commencement of a suit
or other enforcement proceedings upon security for the loan, the holder
of the guaranteed loan obligation shall promptly notify the commission
and the commission shall pay the holder of that loan as soon as the
amount is determined. The commission shall determine the amount of
loss in accordance with its rules; however, the amount of loss may not
exceed the unpaid balance of the principal amount and the unpaid
accrued interest.
[Pre-2007 Higher Education Recodification Citation:
20-12-21.1-6(a).]

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Upon default by a borrower on a loan
guaranteed under this chapter, and before the commencement of a suit
or other enforcement proceedings upon security for the loan, the holder
of the guaranteed loan obligation shall promptly notify the commission
and the commission shall pay the holder of that loan as soon as the
amount is determined. The commission shall determine the amount of
loss in accordance with its rules; however, the amount of loss may not
exceed the unpaid balance of the principal amount and the unpaid
accrued interest.
[Pre-2007 Higher Education Recodification Citation:
20-12-21.1-6(a).]

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