20 AAC 15.740. Loan certification, disbursement, and refund

(a) Except as provided in (b) and (c) of this section, administration and certification of ASEL loans, and disbursement of ASEL loan money will be conducted in accordance with the applicable provisions of 34 C.F.R. 682.604 and 682.610.

(b) Refunds by institutions of ASEL loan money will be administered under 20 AAC 15.955.

(c) An institution that has courses of study for which tuition is charged on a pay-as-you-go basis and that holds unearned tuition money on behalf of a student shall place that money in a non-interest-bearing trust account containing only tuition money. The tuition money may be withdrawn only as it is earned by the institution as a result of the student's enrollment and attendance under the terms of the institution's enrollment agreement. If a student fails to attend, or otherwise withdraws from the institution, the balance of the student's tuition money remaining on account with the institution shall be returned to the commission within 30 days.

History: Eff. 7/1/2002, Register 162; am 1/30/2003, Register 165; am 2/20/2005, Register 173; am 12/31/2005, Register 176

Authority: AS 14.42.030

AS 14.43.172

AS 14.43.173

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