(a) The commission shall establish the default requirements for loans made under AS 14.43.161 — 14.43.168; however, the requirements may not be less restrictive than those established by the federal guaranteed student loan program.
(b) The provisions of AS 14.43.145 — 14.43.155 apply to loans under AS 14.43.161 — 14.43.168 that are in default.