1. (a) The board may provide repayment assistance under this subchapter for the repayment of any student loan that:

   1. (1) is for education at:

      1. (A) a public or private institution of higher education; or
      2. (B) a nonprofit, tax-exempt, regionally accredited college or university operating in accordance with a memorandum of understanding with this state under an executive order issued by the governor; and
   2. (2) is received by an eligible person through an eligible lender.
2. (b) If the loan is not a state or federal guaranteed student loan, the note or other writing governing the terms of the loan must require the loan proceeds to be used for expenses incurred by a person in attending a postsecondary educational institution.

3. (c) The board may not provide loan repayment assistance under this subchapter for a student loan that is in default at the time of the person's application for repayment assistance.

   Redesignated from Education Code, Subchapter II, Chapter 61 by Acts 2015, 84th Leg., R.S., Ch. 1236 (S.B. 1296), Sec. 21.001(16), eff. September 1, 2015.

Added by Acts 2013, 83rd Leg., R.S., Ch. 1229 (S.B. 1720), Sec. 1, eff. June 14, 2013.

Acts 2019, 86th Leg., R.S., Ch. 950 (S.B. 1757), Sec. 2, eff. September 1, 2019.