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(a) Subject to the approval of the executive director, the commission staff may provide a borrower with a loan forbearance to provide temporary or long-term repayment relief.
(b) If a borrower's request for a period of forbearance on a loan is approved, interest continues to accrue during the period of forbearance and will be capitalized as part of the loan principal at the end of the forbearance period.
(c) If a period of loan forbearance is agreed to, commission staff shall disclose to the borrower, in writing, the financial effect of the forbearance on the costs of financing the loan.
(d) A general loan forbearance may be approved for no longer than a cumulative total of 12 months over the life of the loan.
(e) A borrower must have completed at least 12 months of the repayment period and have made each payment in full and on time to be considered eligible to apply for a general forbearance. For purposes of this subsection, 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.
(f) Subject to the approval of the executive director, the commission staff may approve a student deferment for no longer than a cumulative total of 24 months over the life of the loan, while the borrower is enrolled as at least a half-time student at an institution that has received approval under 20 AAC 15.922. In the event commission staff approves a borrower's request for a period of deferment on the loan, interest will continue to accrue during the period of deferment and will be capitalized at the end of the deferment period.
History: Eff. 3/19/2003, Register 166; am 7/31/2003, Register 167
Authority: AS 14.42.030
Editor's note: As of Register 169 (April 2004), the last sentence was added to subsection (f) of 20 AAC 15.195 to correct an inadvertent omission.
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Last modified 7/05/2006