Alaska Administrative Code
Title 20 - Miscellaneous Boards and Commissions
Chapter 15 - Student Financial Aid
Article 4 - AlaskAdvantage Consolidation Loan Program
20 AAC 15.174 - Applicant eligibility
Universal Citation: 20 AK Admin Code 20 AAC 15.174
Current through February 27, 2024
(a) An applicant for a consolidation loan must meet the eligibility requirements of AS 14.43.122 and
(1) may not have a payment that is 60 days or
more past due on any loan held by the commission;
(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) 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) 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).
(b) The commission staff may perform a credit history review on each applicant.
(c) To be considered eligible for the consolidation loan the applicant
(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) 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.
Authority:AS 14.42.030
AS 14.43.122
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