Title 14, Education, Libraries, and Museums

(a) The education loan fund is established in the corporation. The education loan fund is a trust fund to be used to carry out the purposes of AS 14.42.100 — 14.42.990, AS 14.43.091 — 14.43.175, 14.43.600 — 14.43.700, 14.43.710 — 14.43.750, 14.43.990, and AS 14.44.025. The fund c…

(a) The corporation shall set the interest rate on a loan financed by the corporation under AS 14.43.091 — 14.43.160, 14.43.170 — 14.43.175, 14.43.710 — 14.43.750, and AS 14.44.040. Interest on a loan accrues from the time the loan is disbursed. (b) A borrower may elect to make p…

(a) The corporation may borrow money and may issue bonds, on which the principal and interest are payable from its income and receipts or other assets or a designated part or parts of them. The corporation may use the proceeds of its bonds for any purposes that the corporation co…

An issue of bonds by the corporation may be secured by a trust indenture or trust agreement between the corporation and a corporate trustee, which may be a trust company, bank, or national banking association, with corporate trust powers, located inside or outside the state, or b…

(a) For the purpose of securing one or more issues of bonds of the corporation, the board may establish one or more special funds, called “capital reserve funds,” and may pay into those capital reserve funds the proceeds of the sale of bonds and other money available to the corpo…

It is the intention of the legislature that a pledge made in respect to bonds of the corporation shall be valid, perfected, and binding from the time the pledge is made; that the money or property so pledged and thereafter received by the corporation shall immediately be subject …

(a) The members of the board and individuals executing the bonds of the corporation are not liable personally on the bonds or subject to personal liability or accountability by reason of the issuance of the bonds. (b) The bonds issued by the corporation do not constitute an indeb…

The board may select one or more underwriters for its bonds in accordance with procedures (1) for the award of a contract under AS 36.30.200 — 36.30.260; or (2) adopted by regulations of the board that are based on the competitive principles of AS 36.30.200 — 36.30.260 and are ad…

The state pledges to and agrees with holders of bonds issued by the corporation that the state will not limit or alter the rights and powers vested in the corporation under AS 14.42.100 — 14.42.990 to fulfill the terms of a contract made by the corporation with the bondholders or…

The real and personal property of the corporation and its assets, income, and receipts are declared to be the property of a political subdivision of the state and devoted to an essential public and governmental function and purpose, and the property, assets, income, receipts, and…

The bonds of the corporation are securities in which public officers and bodies of the state, municipalities, insurance companies, insurance associations, other persons carrying on an insurance business, banks, bankers, trust companies, savings banks, savings associations, buildi…

(a) The board may elect to pay the state a return of contributed capital, or a dividend, for each base fiscal year that the corporation's net income equals or exceeds $2,000,000. The payment may not be less than 10 percent nor more than 35 percent, as approved by the board, of th…

(a) The corporation is not a municipality as the term is defined in AS 01.10.060. Except as provided in AS 14.42.190, the corporation is not subject to AS 37. For all other purposes the corporation is a political subdivision and an instrumentality of the state. (b) The funds, inc…

The financial records of the corporation shall be audited annually by the legislative auditor or by a certified public accountant approved by the legislative auditor. The legislative auditor may prescribe the form and content of the financial records of the corporation and shall …

Article 3. General Provisions.

In this chapter, unless the context requires otherwise, (1) “board” means the board of directors of the corporation; (2) “commission” means the Alaska Commission on Postsecondary Education created in AS 14.42.015; (3) “corporation” means the Alaska Student Loan Corporation create…

The high school student in each graduating class in each high school in the state who, upon the completion of four years of high school work in a high school in the state, obtains the highest average standing for all the credits earned, and who is graduated at an annual commencem…

If a person entitled to receive the benefit of AS 14.43.010 declines or fails to accept it, the graduate next in line in class standing is entitled to receive the benefit.

A certificate shall be applied for and issued to a graduate before August 2 of each year and shall be reported immediately to the registrar of the University of Alaska by the superintendent or principal issuing it.

Failure to do passing work in more than one subject during a semester, or withdrawal or expulsion from the University of Alaska, constitutes a forfeiture during the following semester or semesters of the benefits of AS 14.43.010 and 14.43.015.

Article 2. University of Alaska Scholarships for Natives. Payment of the scholarships shall be made monthly to the University of Alaska upon vouchers drawn upon the Department of Administration and duly certified by the treasurer and the president of the Board of Regents. Payment…

Because of the language difficulty and economic conditions of the Native peoples of the state, and the necessity for integrating the Native cultures with the state economy, it is the purpose of the legislature to provide assistance to Natives who wish to pursue a higher education…

The Board of Regents of the University of Alaska shall offer not more than 15 new scholarships for each academic year to Alaska Natives desiring to attend the University of Alaska. The board shall give preference to Natives residing in the rural areas of the state who desire to r…

The award of free room and board shall be made from any funds available to the University of Alaska. Each Native who receives a scholarship under AS 14.43.050 — 14.43.075 is entitled to retain the scholarship and to receive free room and board during attendance at the University …

The scholarships under AS 14.43.050 — 14.43.075 are supplemental and in addition to any other scholarship to which an applicant is entitled or may receive.

Article 3. Free Tuition and Fees for Spouse and Children of Certain Police, Fire, or Military Personnel. In AS 14.43.050 — 14.43.075, “Native” means a person between the ages of 17 and 25 who is a descendant of a member of the aboriginal races inhabiting the state when annexed to…

[Repealed or reserved.]

Article 4. Education Loan Program. (a) A person enrolled as a student in good standing in a state supported educational institution in this state is entitled to a waiver of undergraduate tuition and fees if the person was the spouse or dependent child of a bona fide resident of t…

[Repealed or reserved.]

(a) There is created the education loan program to provide loans to individuals who are students to assist in paying the costs of postsecondary education. The provisions of this section, AS 14.43.100 — 14.43.160, 14.43.910, 14.43.920, and 14.43.990 apply to the loans. (b) Upon ap…

[Repealed or reserved.]

(a) Applications shall be submitted to the executive director of the commission. (b) A person whose loan application is not approved by the executive director of the commission may appeal to the commission and the commission shall consider the application.

The executive director shall administer the programs subject to review by the commission and in accordance with the regulations adopted by the commission. The adoption of these regulations is subject to AS 44.62 (Administrative Procedure Act). A summary of the regulations shall b…

(a) In a school year, the commission may make a loan not to exceed (1) $8,500 to a full-time undergraduate student or $5,000 to a half-time undergraduate student attending a college or university if the full- or half-time student is otherwise eligible under AS 14.43.125; (2) $9,5…

[Repealed or reserved.]

(a) Proceeds from an education loan to a full-time student may only be used for books and supplies, tuition and required fees, loan origination fees, and room and board. Proceeds from an education loan to a half-time student may only be used for books and supplies, tuition and re…

(a) The corporation may offer a borrower who has received more than one education loan the option of consolidating the multiple loans into a single loan as provided in this section. (b) For a borrower to be eligible for consolidation of a loan under this section, the borrower mus…

(a) A person is eligible for a loan if the person (1) is (A) enrolled as a full-time student in a career education, associate, baccalaureate, or graduate degree program; (B) enrolled as a half-time student in a career education, associate, baccalaureate, or graduate degree progra…

[Repealed or reserved.]

The programs established under this chapter shall be carried out without regard to the applicant's or participant's race, creed, sex, color, ancestry, national origin, or membership in fraternal or political organizations.

A written obligation entered into by a minor at least 16 years of age, evidencing a loan or other assistance received by the minor from any person for the purpose of furthering the minor's education in a career education program or an institution of higher learning, is enforceabl…

(a) For the purposes of this chapter, a loan is in default after a loan payment has become 180 or more days past due or, for a loan under AS 14.43.161 — 14.43.168 or 14.43.170 — 14.43.175, the default requirements established by the commission have been met. Upon default, (1) rep…

(a) Thirty days after the date a notice of default under AS 14.43.145(b) is mailed or the date of the decision of the executive director under AS 14.43.145(c), whichever is later, the commission may issue an order to withhold and deliver property to a person, or agency or politic…

(a) The amount owing on a loan that is in default under this chapter, including principal, interest, and collection costs, is a lien upon all property and right to property, real or personal, belonging to the borrower. The lien arises at the time that the commission mails or othe…