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(a) The executive director of the commission shall appoint staff to review applications for loans. Commission staff shall determine an applicant's eligibility under the statutes and regulations applicable to the program, whether all requirements for a loan have been met, and the amount of the loan award.
(b) A borrower, and a cosigner if required under AS 14.43.125 (d), must sign a promissory note for the loan award. The borrower's parent or legal guardian, who meets the eligibility requirements of AS 14.43.125 (a)(2) and (a)(4) - (a)(8), also must sign the promissory note if the borrower is under 16 years of age. A cosigner'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 and applicable interest, loan origination fees, and collection costs.
(c) An application is timely filed only if it is postmarked on or before the applicable deadline and contains all information required to make a determination of the applicant's eligibility and the amount of the loan award.
(d) An incomplete application may be returned to the applicant with a request for further information. No further action may be taken on an incomplete application until it is resubmitted.
(e) Commission staff may require an applicant to furnish further information and documents to verify statements on the application.
(f) Except for good cause shown, as determined by the commission, an application will not be accepted for a loan on behalf of a student who has completed the school year or the scheduled vocational program period for which the loan is requested.
(g) An applicant shall notify commission staff immediately of a change of institution to be attended, dates of attendance, program of study, or a change in attendance from full-time or half-time status from that stated on the original application.
History: Eff. 3/22/97, Register 141; am 3/15/98, Register 145; am 4/20/2000, Register 154
Authority: AS 14.43.100
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Last modified 7/05/2006