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(a) Within 30 days after the change, a borrower or cosigner, if any, shall report in writing to the commission any change that affects the conditions of a loan or its repayment schedule, including any change of the borrower's or cosigner's name or address, the borrower's residency status, or the borrower's change of institution, change in dates of attendance, change in attendance from full-time status, change in enrollment status, or withdrawal or dismissal from the course of study for which the loan was awarded.
(b) Interest on a PSE loan accrues from the time the loan is transmitted to WICHE. However, repayment of the interest is deferred while the borrower continues to be enrolled in the eligible degree program.
(c) While the borrower is attending the eligible degree program, and during the six-month grace period established under (e) of this section, interest on a PSE loan is equal to the interest rate that the commission sets under 20 AAC 15.945(g) (1) for the school year in which the borrower begins participation in the PSE loan program.
(d) After the six-month grace period ends under (e) of this section, interest on a loan made under AS 14.44.040 is equal to the interest rate
(1) set under (c) of this section; and
(2) necessary to pay the administrative cost of the PSE loan program, not to exceed three percent above the amount determined in (c) of this section.
(e) A borrower's obligation to commence repayment of the principal and interest on the loan begins six months after the borrower is no longer enrolled in the eligible degree program. The borrower shall repay the total amount owed in periodic installments of at least $50 a month over a period of not more than 15 years from the commencement of the repayment obligation. If the commission and the borrower agree to a different repayment schedule, the borrower shall repay the loan in accordance with the agreement. A borrower may make payments earlier than required by this subsection or the agreement.
History: Eff. 11/8/2000, Register 156
Authority: AS 14.44.035
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Last modified 7/05/2006