20 AAC 15 — Student Financial Aid (Article 1 to 11)

The education loan program is designed to increase access to postsecondary education in the state by providing low-cost education loans to eligible applicants. Notes 20 AAC 15.010 Eff. 2/3/77, Register 61; am 7/27/86, Register 99; am 7/16/92, Register 123; am 3/1/2002, Register 1…

Notes 20 AAC 15.015 Eff. 2/3/77, Register 61; am 7/27/86, Register 99; am 7/16/92, Register 123; repealed 3/22/97, Register 141 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior q…

Notes 20 AAC 15.020 Eff. 2/3/77, Register 61; am 12/7/80, Register 76; am 7/9/82, Register 83; am 6/12/85, Register 94; am 7/27/86, Register 99; am 7/1/90, Register 114; am 3/24/94, Register 130; repealed 3/22/97, Register 141 State regulations are updated quarterly; we currently…

Notes 20 AAC 15.021 Eff. 12/13/93, Register 129; am 6/23/95, Register 134; repealed 3/22/97, Register 141 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More…

Notes 20 AAC 15.025 Eff. 2/3/77, Register 61; am 12/7/80, Register 76; am 11/19/83, Register 88; repealed 11/26/94, Register 132 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior …

Notes 20 AAC 15.030 Eff. 2/3/77, Register 61; am 7/9/82, Register 83; am 12/13/84, Register 92; am 7/27/86, Register 99; am 8/20/86, Register 99; am 7/16/92, Register 123; am 11/26/94, Register 132; repealed 3/22/97, Register 141 State regulations are updated quarterly; we curren…

Notes 20 AAC 15.035 Repealed 12/7/80. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compa…

For the purpose of determining the total of loans awarded to a borrower under AS 14.43.120(d), (1) loans made under the memorial education loan programs (AS 14.43.250-14.43.325) and teacher education loan program (AS 14.43.600-14.43.700) are included; and (2) "undergraduate study…

Notes 20 AAC 15.040 Eff. 2/3/77, Register 61; am 5/10/78, Register 66; am 12/7/80, Register 76; am 7/9/82, Register 83; am 11/19/83, Register 88; am 12/13/84, Register 92; am 7/27/86, Register 99; am 8/27/86, Register 99; am 6/26/87, Register 102; am 11/29/87, Register 104; am 5/…

Notes 20 AAC 15.045 Eff. 2/3/77, Register 61; am 12/7/80, Register 76; am 7/9/82, Register 83; am 11/19/83, Register 88; am 12/13/84, Register 92; am 6/12/85, Register 94; am 7/27/86, Register 99; am 6/26/87, Register 102; am 7/11/87, Register 103; am 8/27/87, Register 103; am 5/…

Notes 20 AAC 15.050 Eff. 2/3/77, Register 61; am 5/10/78, Register 66; am 12/7/80, Register 76; am 7/27/86, Register 99; am 7/16/92, Register 123; am 11/26/94, Register 132; am 11/27/94, Register 132; am 12/4/96, Register 140; am 3/22/97, Register 141; repealed 3/15/98, Register …

Notes 20 AAC 15.055 Eff. 2/3/77, Register 61; am 5/10/78, Register 66; am 12/7/80, Register 76; am 7/27/86, Register 99; am 8/17/86, Register 99; am 7/16/92, Register 123; am 11/27/94, Register 132; am 6/23/95, Register 134; am 12/4/96, Register 140; repealed 3/22/97, Register 14…

(a) Under former AS 14.43.120(j), a borrower of a loan awarded for the 1986-87 and preceding school years is eligible to have up to 50 percent of all loans and accrued interest paid by the state if the borrower remains an Alaskan resident after the successful completion of the co…

Notes 20 AAC 15.065 Eff. 2/3/77, Register 61; am 7/27/86, Register 99; repealed 12/4/96, Register 140 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More com…

Notes 20 AAC 15.070 Eff. 2/3/77, Register 61; am 7/27/86, Register 99; am 11/28/92, Register 124; repealed 6/23/95, Register 134 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior …

Notes 20 AAC 15.075 Eff. 2/3/77, Register 61; am 7/27/86, Register 99; am 11/28/92, Register 124; repealed 6/23/95, Register 134 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior …

Notes 20 AAC 15.080 Eff. 2/3/77, Register 61; am 7/27/86, Register 99; repealed 6/23/95, Register 134 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More com…

Notes 20 AAC 15.081 Eff. 11/19/83, Register 88; am 7/27/86, Register 99; am 6/26/87, Register 102; am 3/16/91, Register 117; repealed 3/22/97, Register 141 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most re…

Notes 20 AAC 15.085 Eff. 2/3/77, Register 61; am 12/7/80, Register 76; am 7/9/82, Register 83; am 11/19/83, Register 88; am 6/12/85, Register 94; am 7/27/86, Register 99; am 8/20/86, Register 99; am 7/11/87, Register 103; am 5/8/88, Register 106; am 5/18/90, Register 114; am 3/16…

The AlaskAdvantage federal consolidation loan program provides eligible borrowers the opportunity to combine multiple eligible outstanding federally guaranteed education loans into one. Notes 20 AAC 15.086 Eff. 4/2/2004, Register 169 As of Register 172 (January 2005), and acting …

The AlaskAdvantage federal consolidation loan program will be administered under AS 14.43.161-14.43.168, 20 U.S.C. 1001 - 1155 (Higher Education Act of 1965), 34.C.F.R.682, and published policies authorized by the secretary. Notes 20 AAC 15.087 Eff. 4/2/2004, Register 169 As of R…

(a) An applicant for an AlaskAdvantage federal consolidation loan must(1) satisfy the residency criteria of AS 14.43.162; (2) have a minimum of $3,500 of eligible loan debt to be consolidated; and (3) satisfy the eligibility criteria specified in 20 U.S.C. 1078- 20 U.S.C. 3(a)(3)…

(a) Loans eligible for consolidation under this section are defined in 34 C.F.R. 668.2, and 34 C.F.R. 682.100, and include (1) the federal Stafford loan; (2) a federal PLUS loan; (3) the federal Perkins loan; (4) the Federal Insured Student Loan Program (FISL); (5) federal Supple…

(a) An individual applying for a federal consolidation loan(1) must complete and submit the consolidation loan combined loan application and promissory note; and (2) may not have another consolidation loan application pending. (b) An incomplete application may be returned to the …

(a) A federal consolidation loan will be considered disbursed when the first loan proceeds are transferred, by individual check, master check, or electric funds transfer (EFT), by the commission to the current holder of the loan being consolidated. (b) In accordance with 34 C.F.R…

(a) A borrower will not be charged an origination fee on a federal consolidation loan. (b) Interest on a federal consolidation loan will be set in accordance with 20 U.S.C. 1077 - 1078, 34 C.F.R. 682.202, and AS 14.43.165, not to exceed 8.25 percent. (c) An eligible subsidized lo…

(a) Federal consolidation loans will be serviced in accordance with 34 C.F.R. 682.208. (b) Repayment begins no later than 60 days from the date the federal consolidation loan is disbursed and must be repaid in accordance with 34 C.F.R. 682.209. (c) The minimum monthly payment on …

(a) A borrower may defer payments of principal after the beginning of the repayment period in accordance with the conditions set out in 20 U.S.C. 1078 and 34 C.F.R. 682.210. (b) Deferment eligibility is based on the deferment eligibility established with the borrower's eligible l…

A federal consolidation loan will be considered in default under the conditions set out in the definition of "default" in 34 C.F.R. 682.200. Notes 20 AAC 15.095 Eff. 4/2/2004, Register 169 Authority:AS 14.43.030 AS 14.43.167 State regulations are updated quarterly; we currently h…

The AlaskAdvantage loan program provides low-cost, federally guaranteed education loans to residents of this state attending eligible institutions, to students attending eligible institutions in this state, and to parents of eligible students seeking to assist in financing their …

The AlaskAdvantage loan program will be administered under AS 14.43.161-14.43.168, 20 U.S.C. 1001 - 1155 (Higher Education Act of 1965), 34 C.F.R. 600, 668, and 682, and published policies authorized by the secretary. Notes 20 AAC 15.105 Eff. 7/1/2002, Register 162 As of Register…

AlaskAdvantage loan types include (1) the federal subsidized Stafford loan; (2) the federal unsubsidized Stafford loan; (3) the federal PLUS loans; and (4) a federal consolidation loan; a federal consolidation loan is subject to 20 AAC 15.086 - 20 AAC 15.095. Notes 20 AAC 15.110 …

(a) Except as provided in (b) and (c) of this section, to be considered for an AlaskAdvantage loan, an applicant must satisfy the eligibility criteria specified in AS 14.43.162 and 34 C.F.R. 668 and 682. (b) For purposes of the parent PLUS loan, the requirements of AS 14.43.162(a…

(a) To be eligible to participate in the AlaskAdvantage loan program, institutions must meet the criteria of and operate in compliance with the requirements set out in 34 C.F.R. 600. (b) Institutions must meet the requirements for ongoing participation in the AlaskAdvantage loan …

(a) A student applying for an AlaskAdvantage loan must complete and submit a Free Application for Federal Student Aid (FAFSA) to the United States Department of Education in the manner set out in the FAFSA. (b) If the student's FFELP eligible school has not notified the student o…

AlaskAdvantage loan proceeds may be used, in accordance with 20 U.S.C. 1087 ll,to pay the allowable costs of attendance related to the student's period of enrollment. Notes 20 AAC 15.130 Eff. 7/1/2002, Register 162 As of Register 172 (January 2005), and acting under AS 44.62.125(…

(a) A borrower who receives a subsidized Stafford loan is not required to make loan principal payments during the time the borrower is enrolled in school on at least a half-time basis. (b) If the borrower receives a subsidized or unsubsidized Stafford loan, and ceases to be enrol…

Notes 20 AAC 15.140 The Alaska Commission on Postsecondary Education's website is www.acpe.alaska.gov. As of Register 172 (January 2005), and acting under AS 44.62.125(b)(6) and sec. 34, ch. 63, SLA 2004, the regulations attorney made technical changes to reflect the name change …

AlaskAdvantage loans will be disbursed in accordance with 34 C.F.R. 668.22, 668.164, and 682.207. Notes 20 AAC 15.145 Eff. 7/1/2002, Register 162; am 1/30/2003, Register 165; am 7/12/2008, Register 187 As of Register 172 (January 2005), and acting under AS 44.62.125(b)(6) and sec…

(a) AlaskAdvantage loans will be serviced and must be repaid in accordance with 34 C.F.R. 682.208, 34 C.F.R. 682.209, and 34 C.F.R. 682.215. (b) A minimum monthly payment amount must be at least $50, unless otherwise agreed to by the borrower and the commission. Notes 20 AAC 15.1…

(a) A borrower, but not an endorser, may defer payments of principal on an AlaskAdvantage loan after the beginning of the repayment period in accordance with the conditions set out in 20 U.S.C. 1077 and 34 C.F.R. 682.210. (b) In order to receive a deferment the borrower must requ…

(a) For the benefit of a borrower or endorser, the commission may grant, in accordance with 34 C.F.R. 682.211, a forbearance of payments of principal or interest on an AlaskAdvantage loan. (b) The commission will grant mandatory forbearances in accordance with 34 C.F.R. 682.211(h…

An AlaskAdvantage loan will be considered in default under the conditions set out in the definition of "default" in 34. C.F.R. 682.200. Notes 20 AAC 15.165 Eff. 7/1/2002, Register 162 As of Register 172 (January 2005), and acting under AS 44.62.125(b)(6) and sec. 34, ch. 63, SLA …

In 20 AAC 15.100 - 20 AAC 15.170, unless the context requires otherwise, (1) "guarantor" means a state or private nonprofit organization that has an agreement with the secretary to administer a loan guarantee program under 20 U.S.C. 1001 - 1155 (Higher Education Act of 1965); (2)…

The AlaskAdvantage consolidation loan program is available to an eligible borrower to refinance eligible loans. Notes 20 AAC 15.171 Eff. 3/19/2003, Register 166; am 7/31/2003, Register 167 Authority:AS 14.42.030 AS 14.43.105 AS 14.43.122 State regulations are updated quarterly; w…

(a) An applicant for a consolidation loan must meet the eligibility requirements of AS 14.43.122 and (1) may not have a payment that is 60 days or more past due on any loan held by the commission; (2) may not have a loan, held by the commission, with an outstanding loan balance t…

(a) The commission staff shall establish an application period based on money available for the AlaskAdvantage consolidation loan program. Once available money has been fully expended, commission staff shall close an application period. (b) An individual applying for a consolidat…

If available money is not sufficient to fund all eligible applications, loans will be awarded to applicants in the order in which the commission receives completed applications. Notes 20 AAC 15.180 Eff. 3/19/2003, Register 166; am 7/31/2003, Register 167 Authority:AS 14.42.030 AS…

(a) The principal balance of a consolidation loan is the total of the outstanding principal, interest, and fees relative to each loan included in the consolidation as of the date the consolidation loan is originated. (b) The minimum authorized loan amount for an applicant is $3,5…

(a) A promissory note for an eligible loan becomes void on the date it is paid in full and the consolidation loan is originated. (b) As soon as is practicable following a consolidated loan origination, the commission staff will return to the borrower the cancelled promissory note…