If you do not fulfill your practice obligation your stipend will convert to a loan with penalties and interest. Due to this possibility, We are providing a link to a Nevada Office of WICHE Stipend Conversion to Loan for Non-Fulfillment of Practice Obligation Application Disclosure form.
The Truth in Lending Act (TILA), Title I of the Consumer Credit Protection Act, 15 U.S.C. § 1601 et seq., Regulation Z, 12 CFR Part 1026 requires lenders to provide clear and detailed information about the terms and costs associated with education loans, helping borrowers make informed decisions.
The Nevada Office of WICHE Stipend Conversion to Loan for Non-fulfillment of Practice Obligation Approval Disclosure form is an estimate* of the total loan amount, interest, finance charge, schedule of payments if the stipend amount received while in school is converted to a loan if you breach the terms of your stipend contract, for example by not fulfilling your practice obligation.
*Nevada WICHE recipients are not guaranteed a yearly stipend to complete their practice program. Selection of stipend recipients is based on eligibility (i.e., Nevada residency such as Nevada Driver’s License, acceptance to professional program), meeting compliance requirements (i.e., regular submission of Practice Questionnaire with supporting documents such as Nevada Driver’s License to demonstrate maintaining residency in Nevada, unofficial transcript for academic progress or Nevada Practice license, Nevada employer verification letter) as well as availability of funding from the Nevada Legislature.