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(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(a)(3), 34 C.F.R. 682.102 and 34 C.F.R. 682.201.
(b) For purposes of (a) of this section, a borrower's residency requirement may be considered met if the promissory note for a previously awarded AlaskAdvantage loan provides for consolidation.
(c) An applicant must disclose on the combined application and promissory note the existence of a defaulted loan
History: Eff. 4/2/2004, Register 169
Authority: AS 14.42.030
Editor's note: 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 of the Alaska advantage loan program to the AlaskAdvantage loan program made by secs. 10, 13, and 28, ch. 63, SLA 2004.
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Last modified 7/05/2006