1. (a) An applicant for a refinancing loan must

   1. (1) meet the eligibility requirements of AS 14.43.122(b);
   2. (2) be a United States citizen or a permanent resident alien admitted to the United States as a lawful permanent resident according to 8 U.S.C. 1101 - 1537 (United States Immigration and Nationality Act); and
   3. (3) have a credit history that demonstrates good credit, such as having a FICO score that is equal to or higher than the FICO score set by the corporation or providing documentation that the commission determines documents a history of an ability to repay the loan.
2. (b) An applicant who does not meet the requirements of (a)(3) of this section may qualify for a refinancing loan by providing a cosigner who independently meets the requirements of (a)(2) and (3) of this section.
3. (c) The commission may require additional documentation as needed to determine borrower eligibility and to document ability to repay the obligation.
4. (d) An applicant must be an obligated party or student beneficiary on the underlying loans being refinanced.
5. (e) Repealed 6/25/2020.

(Eff. 7/31/2016, Register 219; am 3/15/2018, Register 225; am 6/25/2020, Register 234)