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(a) Grant award amounts are based on financial need, determined as the standard cost of attendance in this state as determined under (i) of this section, or if less, the borrower's actual cost of attendance, less the student's expected family contribution and any available non-self-help financial aid. The commission may prorate the cost of attendance for a student attending a program less than 12 months in duration.
(b) Notwithstanding the formula specified in (a) of this section, a grant recipient may not receive a grant award that exceeds the amount of the borrower's unmet need, based on the borrower's actual cost of attendance.
(c) If a student is enrolled at least half-time in a vocational certificate program that is not term-based, and that culminates within one academic year in a vocational certificate designed to lead to employment, that student is eligible for up to the lesser of the annual maximum grant or eligible financial need.
(d) The minimum grant award per school year is $500.
(e) The maximum grant award is determined annually by the executive director of the commission, but may not exceed $1,000 per school year for a full-time student, unless the student qualifies for an increased grant award under 20 AAC 16.034(b) , in which case the grant award may be increased to up to $2,000 per school year. The commission may prorate grant awards for less than full-time attendance.
(f) A grant may not be awarded in an amount that exceeds a student's financial need as certified by the school, or for less than half-time attendance.
(g) If a grant recipient transfers from one institution to another institution, and the institution from which the recipient transfers has not disbursed or refunded grant award money, the grant recipient may transfer the money from that institution to the institution to which the grant recipient has transferred upon the commission's determination of the grant recipient's continued eligibility.
(h) If money is available, the commission may set aside the money that exceeds the Leveraging Educational Assistance Partnership (LEAP) maintenance of effort requirements as set out in 34 C.F.R. 692 to offer non-LEAP grants to meet identified state higher education needs, as determined to be in the best interest of the mission and sustainability of the AlaskAdvantage education grant program.
(i) The commission will determine annually
(1) the standard cost of attendance in this state, based on the annual cost of tuition and required fees at the state public university system for a part-time and full-time student; and
(2) the annual cost of living for independent and dependent students, not to exceed the average annual living costs at the state public university system for dependent and independent students.
History: Eff. 2/20/2005, Register 173
Authority: AS 14.43.405
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Last modified 7/05/2006