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- Alaska Statutes.
- Title 14. Education, Libraries, and Museums
- Chapter 43. Financial Aid Programs For Postsecondary Students
- Section 172. Eligibility.
previous: Section 171
. Applicability of Other Laws.
next: Section 173
. Loan Award Maximums; Use of Loan Award.
AS 14.43.172. Eligibility.
- (a) For a borrower to be eligible for a loan under AS 14.43.170
- 14.43.175, the borrower must be, or be about to be,
enrolled in a postsecondary institution on at least a half-time basis and must be
- (1) a resident of this state
- (A) attending or about to attend a postsecondary institution that has been approved by and has executed a program
participation agreement with the commission; or
- (B) attending or about to attend an approved federal family education loan institution; or
- (2) physically present in this state and attending or about to attend an approved federal family education loan
institution located in this state.
- (b) To meet the residency requirement of (a) of this section, the borrower must meet the standards set out in AS 14.43.162
- (c) In addition to the provisions of (a) of this section, a borrower is eligible for a loan under AS 14.43.170
- 14.43.175 if the borrower
- (1) is not delinquent in payment on a loan previously awarded by the commission;
- (2) at the time of application or loan disbursement, does not have a past due child support obligation established by
court order or by the child support services agency under AS 25.27.160
- (3) has not, within the previous five years, had a loan discharged or written off by the commission for any reason;
- (4) does not have a status, at the time of application for a loan or disbursement of loan money, that would prevent the
borrower from repaying the loan as it becomes due;
- (5) has not, within the previous five years, defaulted on another loan made to the borrower by a lending entity unless the
borrower can show good faith efforts to repay the loan and extraordinary circumstances that led to the default;
- (6) does not have a credit history, at the time of application for a loan, that demonstrates chronic inability or
unwillingness to pay an extension of credit or loan as it becomes due; and
- (7) has complied with the military selective service registration requirements imposed under 50 U.S.C. App. 453 (Military
Selective Service Act), if those requirements were applicable to the person.
- (d) The commission may not make a loan to a borrower who has been in default on a loan previously awarded by the
commission unless the previously awarded loan has been paid in full.
- (e) Notwithstanding (c)(4) - (6) of this section, the commission may make a loan to a borrower if another individual who
satisfies the requirements of (c) of this section cosigns the loan.
- (f) The commission may withhold disbursement of a loan if the borrower no longer meets the eligibility standards set out
in this section.
- (g) A borrower who is attending a postsecondary institution in this state that has been approved by the commission but is
not an approved federal family education loan institution must also comply with and meet any other requirements
established by the commission.
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