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(a) Loans eligible for consolidation under this section are defined in 34 C.F.R. 668.2, and 34 C.F.R. 682.100, and include
(1) the federal Stafford loan;
(2) the federal PLUS loan;
(3) the federal Perkins loan;
(4) the Federal Insured Student Loan Program (FISL);
(5) federal Supplemental Loans for Students (SLS);
(6) Auxiliary Loans to Assist Students (ALAS);
(7) the Health Professions Student Loan Program (HPSL);
(8) Loans for Disadvantaged Students (LDS);
(9) the Nursing Student Loan Program; and
(10) existing loans under the Federal Consolidation Loan Program, and William D. Ford Direct Loan Program (Direct Loan).
(b) If an eligible loan in this section is in default status, the borrower must have
(1) made satisfactory repayment arrangements with the holder of the defaulted loan as defined in 34 C.F.R. 682.200(b); or
(2) agreed to the income-sensitive repayment plan described in 34 C.F.R. 682.209(a)(7) to repay the consolidated loan.
(c) A married couple may consolidate eligible loans individually, but not jointly.
(d) The commission staff may approve the addition of an eligible loan to the consolidation loan if it is received within a 180-day period following the effective date of a consolidation loan under 34 C.F.R. 682.201(d). The interest rate and repayment terms of a consolidation loan may be altered with the inclusion of additional eligible loans.
History: Eff. 4/2/2004, Register 169
Authority: AS 14.42.030
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Last modified 7/05/2006