§ 2879a. Cancellation of participation agreements
§ 2879a. Cancellation of participation agreements (a) Any participant may cancel a participation agreement at will, and any return of funds from the participant’s account shall be subject to terms and conditions established by the Corporation, provided that any penalties levied as a result comply with the provisions of the Internal Revenue Code or Title […]
§ 2863. Guarantee
§ 2863. Guarantee The Corporation is authorized to guarantee that any education loan notes properly executed shall be repaid according to their tenor and, if guaranteed under the Higher Education Act, to the extent authorized under that act, provided, that in the event of default, the holder has complied with the rules, regulations, and procedures […]
§ 2864. Reserve fund
§ 2864. Reserve fund (a) The Corporation shall establish and maintain an allowance for loans not covered by a federal or other guaranty or insurance, using historical loan delinquency and default rates and other relevant information. To the extent the reserve fund contains any monies appropriated by the State, such reserve funds shall be held […]
§ 2865. Default
§ 2865. Default A holder of a loan guaranteed pursuant to this chapter may submit a default claim to the Corporation for payment when a borrower has failed to make an installment payment of principal or interest or both when due or to comply with other terms of the note or other written evidence of […]
§ 2866. Rights of minors
§ 2866. Rights of minors A person under 18 years of age shall not be disqualified or lack capacity by reason of the person’s minority, but shall have the rights, powers, privileges, and obligations of a person of full age with respect to executing instruments under this subchapter. (1965, No. 198, § 7(f); amended 2003, […]
§ 2867. Reserve and pledged equity funds
§ 2867. Reserve and pledged equity funds (a) The Corporation may create and establish one or more special funds, referred to in this section as “debt service reserve funds” or “pledged equity funds.” (b) The Corporation shall pay into each debt service reserve fund: (1) Any monies appropriated and made available by the State for […]
§ 2868. Notes, bonds, and other obligations
§ 2868. Notes, bonds, and other obligations (a) Power to issue obligations. The Corporation may issue its negotiable notes, bonds, and other obligations in such principal amount as the Corporation determines necessary to provide sufficient funds for the availability of loans for educational purposes. The notes, bonds, and other obligations may be issued in taxable […]
§ 2869. Loan cancellation; mathematics, science, and computer science teachers
§ 2869. Loan cancellation; mathematics, science, and computer science teachers (a) Loans obtained under this subchapter may be partially or completely cancelled and forgiven for a borrower who is employed for a complete academic school year as a full-time licensed teacher: (1) in a Vermont elementary or secondary school that is approved by the State […]
§ 2875. Findings and intent
§ 2875. Findings and intent (a) The general welfare and well-being of the State are directly related to the educational levels and skills of its citizens. (b) It is the policy of the State to advance postsecondary education opportunities by using the State’s limited resources in an effective, efficient, and equitable manner. (c) Given the […]
§ 2876. Definitions
§ 2876. Definitions As used in this subchapter, except where the context clearly requires another interpretation: (1) “Beneficiary” means any individual designated by a participation agreement to benefit from payments for qualified postsecondary education costs. (2) “Benefits” means the payment of qualified postsecondary education costs on behalf of a beneficiary from a participant’s investment plan […]