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Title 20 . Miscellaneous Boards and Commissions
Chapter 15 . Mental Health Trust Authority
Section 715. Application procedure requirements

20 AAC 15.715. Application procedure requirements

(a) Except as set out in 20 AAC 15.720(a) , a student requesting an ASEL may complete and submit the Free Application for Federal Student Aid (FAFSA) to the United States Department of Education in the manner set out in the FAFSA.

(b) If the student does not complete the FAFSA, or if additional information is needed to determine eligibility, the student must complete the ASEL alternative application process required under 20 AAC 15.720.

(c) The commission staff shall process applications and distribute available loan proceeds based on the order in which the applications are received. Each year, a person requesting a loan for that school year must file a new or renewal application, except if the borrower has previously executed a serial year ASEL master promissory note.

(d) If the student's school has not notified the student of the availability of the ASEL, has not provided the student with a loan application and promissory note for the student's signature, or has not collected any additional information required, the commission staff shall provide the applicable notification or items, and shall collect any additional information required.

(e) The student must complete a loan application and promissory note and return it for certification by the school's financial aid office, or to the commission staff if the school does not require certification.

(f) If the school the student is attending requires its financial aid staff to certify the loan award before the award is made final, commission staff may not disburse loan money to the school until the award is certified.

(g) A borrower, and an endorser if required under AS 14.43.172 , must sign a promissory note for the loan award, unless a previously completed master promissory note is in effect. The borrower's parent or legal guardian, who meets the eligibility requirements of AS 14.43.172 (c), also must sign the promissory note if the borrower is under 17 years of age. An endorser's signature on a promissory note must be notarized. Liability for the loan is limited to the amount of loan money disbursed on behalf of the student plus applicable interest, loan origination fees, and collection costs.

(h) An application is timely filed only if it is submitted on or before the applicable deadline for the academic period for which the loan is requested and contains all information required to make a determination of the applicant's eligibility and the amount of the loan award.

(i) Commission staff may require an applicant to furnish further information and documents to verify statements on the application.

History: Eff. 7/1/2002, Register 162

Authority: AS 14.42.030

AS 14.43.171


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Last modified 7/05/2006