Title 20 . Miscellaneous Boards and Commissions

Chapter 15 . Mental Health Trust Authority

Section 174. Applicant eligibility

20 AAC 15.174. Applicant eligibility

(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 30 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; and

(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.

(b) The commission staff may perform a credit history review on each applicant.

(c) To be considered eligible for the consolidation loan the applicant must have made a majority of scheduled payments on the eligible loans through voluntary methods and

(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 650 or more and does not have any open collection account with an outstanding balance of $100 or more on the credit history at the time of application; or

(2) if in active repayment on a loan held by the commission, must have made each payment in full and on time for the 18 months immediately preceding the consolidation loan application; for purposes of this paragraph, a payment will be considered in full if it is 95 percent or more of the amount due, and will be considered on time if received by the commission no later than 30 days after the scheduled payment due date.

History: Eff. 3/19/2003, Register 166; am 7/31/2003, Register 167

Authority: AS 14.42.030

AS 14.43.122