Alaska Administrative Code
Title 20 - Miscellaneous Boards and Commissions
Chapter 15 - Student Financial Aid
Article 11 - General Provisions
20 AAC 15.940 - Limitations on awarding loans

(a) A loan may not be awarded for

(b) For attendance at a flight school program, only one loan will be awarded to a student for each certification or flight rating.

(c) Only one loan will be awarded to a student to attend a non-flight career education program that is 12 months or less in duration and that awards a single certificate or degree.

(d) Once a borrower has established residency under AS 14.43.125(a), the borrower does not lose residency status because of absence from the state for reasons not allowed under that subsection for a period of no more than 12 consecutive months if the borrower has a continuing intent to return to and remain permanently in the state.

(e) For the purposes of AS 14.43.125(a)(6), it is presumed that a person cannot repay a loan as it becomes due, and may only obtain a loan in compliance with AS 14.43.125(d), if the person

(f) For the purposes of AS 14.43.125(a)(7), AS 14.43.172(c)(5), or 14.43.750(a)(1)(B), a person has defaulted on a loan if any of the following has occurred:

(g) If an applicant's credit history, learned through a credit check or otherwise, shows any of the following within the preceding two years, the applicant for a loan may obtain the loan only in compliance with AS 14.43.125(d):

(h) The commission staff will perform a credit history check on a loan applicant who

(i) In an appeal under 20 AAC 15.915 of a denial of loan eligibility under AS 14.43.125(a)(7) or (8), the appellant may request that evidence of prior credit performance, in addition to that considered under (f) and (g) of this section be considered to mitigate the findings of the review of the applicant's credit history. The appellant must be able to show that extraordinary circumstances beyond the applicant's control led to the adverse credit history and that the applicant made good faith efforts to pay the past debt, or that the credit history does not accurately reflect the appellant's ability or willingness to pay debts as they become due. If the appellant bases the appeal on the showing of extraordinary circumstances that led to the adverse credit history, the appellant has the burden to show that a good credit history existed before the extraordinary occurrence.

(j) For purposes of AS 14.43.125(d), a cosigner is presumed to demonstrate an ability or willingness to pay an extension of credit or loan as it becomes due if, at the time of the application for a loan, the cosigner has a FICO score that is equal to or higher than the FICO score set by the corporation or meets other FICO score - related credit criteria set by the corporation.