In this chapter, unless otherwise provided or the context otherwise requires,

1. (1) "board" means the board of the corporation;
2. (2) "borrower" means the individual incurring the primary loan obligation and any cosigner on the loan;
3. (3) "commission" means the Alaska Commission on Postsecondary Education;
4. (4) "corporation" means the Alaska Student Loan Corporation;
5. (5) "corporation's bond counsel" means a counsel under contract with the Department of Law for the benefit of the corporation to provide legal advice on bond matters;
6. (6) "corporation's financial advisor" means a financial advisor on contract with the corporation to provide expertise on financial matters;
7. (7) "competitive sale" means a bond issuance in which the costs of borrowing are determined through bids received for the corporation's bonds;
8. (8) "cosigner" means an endorser;
9. (9) "endorser" means a person who signs a promissory note and who becomes secondarily liable for a loan obligation, agreeing to pay if the borrower does not pay;
10. (10) "executive officer" means the executive director of the commission;
11. (11) "installment" means any single scheduled payment on a borrower's loan;
12. (12) "negotiated sale" means a bond issuance in which the executive officer of the corporation negotiates both the bond yield and the underwriter's compensation;
13. (13) "PLUS loan" means a loan provided under 20 U.S.C. 1078-2;
14. (14) "qualified education loan" means a loan that meets the requirements of 26 U.S.C. 144(b)(1)(B);
15. (15) "qualified underwriters list" means a list of underwriters that have been determined to be qualified to participate in the underwriter selection process described in 20 AAC 14.035;
16. (16) "QUL" means qualified underwriters list;
17. (17) "refinancing loan" means a loan that meets the requirements of 20 AAC 14.200 - 20 AAC 14.240;
18. (18) "Stafford loan" means a federal loan authorized under 20 U.S.C. 1071 - 1078;
19. (19) "underwriters group" means one or more underwriters selected from the QUL through the underwriters selection process to provide underwriting services for a particular negotiated sale;
20. (20) "underwriters selection process" means the process of selection of an underwriting group from the QUL to participate in a bond issuance of the corporation done as a negotiated sale.

(Eff. 7/31/2016, Register 219)

Authority: AS 14.42.150, AS 14.42.200, AS 14.42.265, AS 14.43.122