6 CAR § 402-105 – Loan forgiveness for eligible borrowers

(a) Loans made to an eligible borrower shall be partially or completely forgiven, as described in subsection (b) of this section, in the event the eligible borrower shall have:
1. (1) Received a license or other permit within six (6) months following:
  1. (A) His or her graduation; or
  2. (B) The end of any applicable period of deferment;
2. (2) Commenced, within six (6) months following his or her receipt of a license or other permit, the practice of dentistry or optometry within the state; and
3. (3) Completed and submitted to the division a notice of intent to seek loan forgiveness on such form as provided by the division.
(b) Subject to verification by the division of an eligible borrower’s eligibility for forgiveness under subsection (a) of this section, the eligible borrower’s loan or loans shall be forgiven at a rate of one (1) academic year’s loan for one (1) uninterrupted year of dental practice in the State of Arkansas.
(c) Any amount of any loan, including interest accrued thereon, not completely forgiven under the provisions of this part shall be due and payable by the eligible borrower under the terms and conditions of the note and as described in 6 CAR § 402-106 below.
(d)
1. (1) Each eligible borrower seeking forgiveness of a loan, at the end of his or her first year of dental or optometry practice in the state, and again at the end of each subsequent year of practice, shall submit to the division a completed loan forgiveness voucher provided by the division.
2. (2) Loans relating to a particular academic year shall be forgiven upon the division’s approval of a loan forgiveness voucher relating to the corresponding year of practice.