Alaska Administrative Code

The corporation delegates the preparation for and the selection of underwriters for a bond issue to the executive officer of the corporation as specified in 20 AAC 14.010 - 20 AAC 14.040. The decision of the executive officer is the final agency decision on the selection of under…

For a bond issue using a negotiated sale method, the executive officer shall select the underwriter and, if more than one underwriter is chosen, members of the underwriting or selling group. The executive officer shall compile a qualified underwriters list (QUL) in accordance wit…

The provisions of 20 AAC 14.020 - 20 AAC 14.025 establish policies, authority, and guidelines relating to the selection of investment banking firms for inclusion on the QUL. Notes 20 AAC 14.020 Eff. 7/31/2016, Register 219, October 2016 Before July 31, 2016, the substance of 20 A…

(a) The executive officer shall select investment banking firms for inclusion on the QUL on the basis of a request for statements of qualifications as described in this section. A request for statements of qualifications must contain the date, time, and place for delivering respo…

Before selecting an underwriter or selling group for a bond issuance, the executive officer shall consult with the corporation's financial advisor and shall review the transaction to make a recommendation to the board on the method of sale for the bond issue; either by negotiated…

(a) The executive officer must select each firm from the QUL on the basis of a request for financing proposal as described in this section. A request for financing proposal must contain the date, time, and place for delivering proposals; a specific description of the services to …

The bond purchase agreement entered into between the corporation and the lead underwriter selected under this section must contain (1) a statement that the law of this state pertains to the agreement; (2) a statement that the corporation will not indemnify the underwriters; and (…

If a determination is made by the board that the bond issue should be done using a competitive sale method, the executive officer shall consult the corporation's bond counsel and financial advisor, structure the bond issue, and prepare the financing documents for consideration by…

(a) If the corporation sets loan interest rates as variable rates the interest rates apply for the next 12-month period beginning July 1 of that calendar year and ending June 30 of the subsequent calendar year. (b) For loans originated on or before June 30, 2014, the interest rat…

If an installment on a loan is 30 days or more past due on the loan's payment schedule, the corporation may require the loan borrower to pay a late fee of up to $15 for the installment. If a deferment of payment on a loan is approved under 20 AAC 15.965, the corporation may waive…

The Alaska education loan refinancing program provides residents of this state the opportunity to refinance qualified education loans into one loan in order to lower borrowing costs or enable a borrower to better manage the loan repayment obligation. Notes 20 AAC 14.200 Eff. 7/31…

(a) Unless the context otherwise requires, and except as provided in (b) of this section, the provisions of 20 AAC 15.915, 20 AAC 15.970, 20 AAC 15.972, 20 AAC 15.975, and 20 AAC 15.990 apply to the Alaska education loan refinancing program under 20 AAC 14.200-20 AAC 14.240. (b) …

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

If available money is not sufficient to fund all eligible applications, refinancing loans will be awarded to applicants in the order in which the commission receives completed applications. Notes 20 AAC 14.215 Eff. 7/31/2016, Register 219, October 2016 Authority:AS 14.42.150 AS 1…

(a) Loans eligible for refinancing under 20 AAC 14.200 - 20 AAC 14.240 must be qualified education loans and may include (1) Stafford, PLUS, or federal consolidation loans; (2) qualified education loans made by private or state lenders; (3) loans made under AS 14.43.091-14.43.160…

(a) An applicant for a refinancing loan must (1) meet the eligibility requirements of AS 14.43.122(b); (2) be a United States citizen or a permanent resident alien admitted to the United States as a lawful permanent resident according to 8 U.S.C. 1101- 1537 (United States Immigra…

(a) The amount of refinancing loan is determined by the outstanding balance due on the underlying loans to be paid off through the refinancing program. (b) The corporation may establish minimum and maximum loan limits. (c) An applicant for a refinancing loan in excess of $50,000 …

(a) The corporation will set interest rates and fees for refinancing loans in accordance with the applicable provisions of 20 AAC 14.050. (b) Interest begins to accrue from the date of loan origination. (c) After origination, the commission staff may capitalize any outstanding in…

(a) Repayment of the principal and interest begins no later than 60 days following loan origination. (b) The minimum monthly payment is the greater of $100 or the payment amount calculated to fully repay the refinancing loan within the loan repayment schedule including all costs …

In this chapter, unless otherwise provided or the context otherwise requires, (1) "board" means the board of the corporation; (2) "borrower" means the individual incurring the primary loan obligation and any cosigner on the loan; (3) "commission" means the Alaska Commission on Po…

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

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

Notes 20 AAC 15.021 Eff. 12/13/93, Register 129; am 6/23/95, Register 134; repealed 3/22/97, Register 141

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

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

Notes 20 AAC 15.035 Repealed 12/7/80.

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

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

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

Notes 20 AAC 15.080 Eff. 2/3/77, Register 61; am 7/27/86, Register 99; repealed 6/23/95, Register 134

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

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 …