Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
|
(a) Except as set out in 20 AAC 15.720(a) , a student requesting an ASEL may complete and submit the Free Application for Federal Student Aid (FAFSA) to the United States Department of Education in the manner set out in the FAFSA.
(b) If the student does not complete the FAFSA, or if additional information is needed to determine eligibility, the student must complete the ASEL alternative application process required under 20 AAC 15.720.
(c) The commission staff shall process applications and distribute available loan proceeds based on the order in which the applications are received. Each year, a person requesting a loan for that school year must file a new or renewal application, except if the borrower has previously executed a serial year ASEL master promissory note.
(d) If the student's school has not notified the student of the availability of the ASEL, has not provided the student with a loan application and promissory note for the student's signature, or has not collected any additional information required, the commission staff shall provide the applicable notification or items, and shall collect any additional information required.
(e) The student must complete a loan application and promissory note and return it for certification by the school's financial aid office, or to the commission staff if the school does not require certification.
(f) If the school the student is attending requires its financial aid staff to certify the loan award before the award is made final, commission staff may not disburse loan money to the school until the award is certified.
(g) A borrower, and an endorser if required under AS 14.43.172 , must sign a promissory note for the loan award, unless a previously completed master promissory note is in effect. The borrower's parent or legal guardian, who meets the eligibility requirements of AS 14.43.172 (c), also must sign the promissory note if the borrower is under 17 years of age. An endorser's signature on a promissory note must be notarized. Liability for the loan is limited to the amount of loan money disbursed on behalf of the student plus applicable interest, loan origination fees, and collection costs.
(h) An application is timely filed only if it is submitted on or before the applicable deadline for the academic period for which the loan is requested and contains all information required to make a determination of the applicant's eligibility and the amount of the loan award.
(i) Commission staff may require an applicant to furnish further information and documents to verify statements on the application.
History: Eff. 7/1/2002, Register 162
Authority: AS 14.42.030
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006