1. (a) An applicant for a consolidation loan must meet the eligibility requirements of AS 14.43.122 and

   1. (1) may not have a payment that is 60 days or more past due on any loan held by the commission;
   2. (2) may not have a loan, held by the commission, with an outstanding loan balance that is subject to third-party collection services at the time the consolidation loan application is received;
   3. (3) must include within the consolidation loan application any loans made to the applicant under AS 14.43.091 - 14.43.160 for which an outstanding loan balance exists; and
   4. (4) be a United States citizen or 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).
2. (b) The commission staff may perform a credit history review on each applicant.

3. (c) To be considered eligible for the consolidation loan the applicant

   1. (1) must have a credit history that demonstrates good credit; for purposes of this paragraph, an applicant will be considered to have good credit if the applicant has a FICO credit report score of 680 or higher; or
   2. (2) must have made the 18 most recent payments on the eligible loans in full and on time; the borrower is responsible for requesting that the commission perform an account review to determine eligibility under this paragraph.

(Eff. 3/19/2003, Register 166; am 7/31/2003, Register 167; am 9/23/2006, Register 179; am 5/7/2009, Register 190; am 12/29/2010, Register 196)

Authority: AS 14.42.030, AS 14.43.122