(a) An applicant for an AlaskAdvantage federal consolidation loan must
- (1) satisfy the residency criteria of AS 14.43.162;
- (2) have a minimum of $3,500 of eligible loan debt to be consolidated; and
- (3) satisfy the eligibility criteria specified in 20 U.S.C. 1078-3(a)(3), 34 C.F.R. 682.102, and 34 C.F.R. 682.201.
- (b) For purposes of (a) of this section, a borrower's residency requirement may be considered met if the borrower has an active loan with the commission.
- (c) An applicant must disclose on the combined application and promissory note the existence of a defaulted loan.
(Eff. 4/2/2004, Register 169; am 6/7/2007, Register 182; am 10/18/2007, Register 184)
Authority: AS 14.42.030, AS 14.43.162, AS 14.43.163, AS 14.43.164