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(a) A borrower will not be charged an origination fee on a federal consolidation loan.
(b) Interest on a federal consolidation loan will be set in accordance with 20 U.S.C. 1077 - 1078, 34 C.F.R. 682.202, and AS 14.43.165 , not to exceed 8.25 percent.
(c) An eligible subsidized loan included in the federal consolidation loan may remain subsidized, subject to the conditions set out in 34 C.F.R. 682.301.
(d) Accrued interest and unpaid fees
(1) will be added to the principal balance at the time of consolidation;
(2) will be added to the principal balance at the end of a period of deferment or forbearance; and
(3) may be added to the principal balance at any time interest and fees are not paid when due.
(e) A late fee may be charged for loan payments not made when due if authorized in the borrower's promissory note, and subject to conditions set out in 34 C.F.R. 682.202(f).
(f) A borrower may be required to pay collection costs incurred by the commission or its agents for payments not paid when due, including
(1) late charges;
(2) attorney's fees;
(3) court costs; and
(4) collection agency fees.
(g) A borrower who receives a federal consolidation loan by providing false or erroneous information or who takes actions described in 34 C.F.R. 682.412(a) will be sent a final demand letter in accordance with the requirements of 34 C.F.R. 682.412.
History: Eff. 4/2/2004, Register 169
Authority: AS 14.42.200
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Last modified 7/05/2006