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(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. 682.206 and 34 C.F.R. 682.209, a verification certificate will be mailed to the holder of each eligible loan to certify the loan's eligibility and payoff amount.
(c) Upon receipt of the verification certificate from the holder of each eligible loan, the commission staff shall make payment to the holder for discharge of the loan in accordance with 34 C.F.R. 682.206 and 34 C.F.R. 682.209.
History: Eff. 4/2/2004, Register 169
Authority: AS 14.42.030
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Last modified 7/05/2006