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(a) Repayment of the principal and interest on a consolidation loan begins no later than 60 days following loan origination.
(b) The minimum monthly payment on a consolidation loan is $100.
(c) Subject to (b) of this section, the consolidation loan must provide for repayment of the total amount owed in periodic installments in not more than ten years from the commencement of repayment. However, the commission may establish an alternative repayment schedule with the borrower to assist a borrower in repaying the loan without undue economic hardship. If the commission and the borrower agree to an alternative repayment schedule, the
(1) commission staff shall disclose to the borrower, in writing, the financial effect of the alternative repayment schedule on the costs of financing the loan; and
(2) borrower shall repay the loan in accordance with the alternative repayment schedule.
(d) If a consolidation loan amount is $30,000 or more, the borrower may obtain from the commission staff an extension of the period of repayment for up to five years.
History: Eff. 3/19/2003, Register 166; am 7/31/2003, Register 167
Authority: AS 14.42.030
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Last modified 7/05/2006