- (a) A student applying for an AlaskAdvantage loan must complete and submit a 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's FFELP eligible school has not notified the student of the availability of the AlaskAdvantage loan, the commission staff shall provide that notification.
- (c) After a FFELP eligible school, under 34 C.F.R. 668, calculates the amount of the student's eligibility for an AlaskAdvantage loan and requests the student's acceptance of a loan award, and upon the student's acceptance of that loan award, the student must complete a loan application and master promissory note and return it for certification by the FFELP eligible school's financial aid office.
(d) To apply for AlaskAdvantage PLUS loans, a parent who is applying for a parent PLUS loan, or graduate or professional student who is applying for a student PLUS loan, must
- (1) complete and submit a FAFSA to the United States Department of Education, if that agency requires the submission of any FAFSA; and
- (2) complete a loan application and promissory note and return those forms for certification by the FFELP eligible school's financial aid office.
- (e) A graduate or professional student borrower of a federal PLUS loan must apply for the annual loan maximum eligible under the federal subsidized and unsubsidized Stafford before applying for a federal PLUS loan.
(Eff. 7/1/2002, Register 162; am 6/7/2007, Register 182)