(a) No disbursement shall be made to any student until he or she has executed a promissory note payable to the program for the full amount of any loan plus interest and other authorized fees. In addition, a cosigner's signature may be also required in accordance with the provisions of §22.179(7) of this subchapter (relating to Eligibility of Students).(b) The original of such executed promissory note shall be forwarded to the Board immediately.(c) For the purposes of any promissory note executed by a borrower, the defense that he or she was a minor at the time he or she executed a note shall not be available to him or her in any action arising on the note.