173.186. Guarantors of student loans, eligibility requirements. - Missouri Statutes

Guarantors of student loans, eligibility requirements.

173.186. 1. Independent or private guarantors of studentloans of Missouri residents attending Missouri postsecondaryeducational institutions shall be subject to the followingprovisions in order to be eligible to guaranty such loans:

(1) No such loan shall be guaranteed for attendance at acorrespondence school, at a school which has been suspended orterminated from eligibility for the Missouri guaranteed studentloan program by the Missouri guaranty agency, at a school whichis not designated as an eligible institution for the Missouriguaranteed student loan program by the Missouri guaranty agencyor at a school which has been designated as an eligibleinstitution but does not participate;

(2) Each such guarantor of student loans shall file anannual report by each August fifteenth with the Missouricoordinating board for higher education giving, for theimmediately preceding period of July first through June thirtiethand for each month therein and for each Missouri postsecondaryinstitution attended by Missouri residents for which loans wereguaranteed, the total number of loans guaranteed and the totaldollar amount of such loans;

(3) The coordinating board for higher education shalldevelop and promulgate rules pursuant to and shall administer theprovisions of these requirements. The coordinating board shalltake reasonable action to identify and notify affected guarantyagencies, lenders and postsecondary educational institutions.

(L. 1986 H.B. 1356 § 2 subsec. 1)