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(a) The commission staff shall add accrued interest to the principal balance of the loan at the time the borrower is obligated to commence repayment under 20 AAC 18.100(e) , or at the end of an approved period of deferment under 20 AAC 18.130. The commission staff shall add to the principal balance of the loan the interest that accrued and was unpaid due to the borrower's failure to provide
(1) the commission staff with the information required under 20 AAC 18.100(a) to calculate the correct date for the commencement of repayment under 20 AAC 18.100(e) ; or
(2) notice under 20 AAC 18.130(c) that eligibility for a deferment under 20 AAC 18.130(a) (1)-(3) has ended.
(b) If a payment is made on a loan in an amount larger than that required by the repayment schedule, the excess shall be applied first to any outstanding interest charges and then to the remaining principal balance of the loan.
(c) A payment on a delinquent loan shall be applied first to collection costs, then to any outstanding interest charges, then to the outstanding principal balance of the loan, until those amounts are paid in full.
(d) To obtain an extension on repayment of a loan due to economic hardship, a borrower must demonstrate compliance with the criteria set out in 20 AAC 15.960(d) , as amended as of April 27, 2001 and as amended from time to time; those regulations are adopted by reference. An extension due to economic hardship may not last more than five years.
(e) A cosigner's obligation to repay a loan
(1) begins when the borrower's obligation begins; and
(2) continues even if the borrower's obligation to repay the loan is discharged or canceled before the loan, including interest, is repaid in full.
(f) During a borrower's deferment under 20 AAC 18.130(a) (3), a cosigner's obligation will not be deferred if the cosigner's signature was required under 20 AAC 18.025(b) (3).
(g) A cosigner, if any, will be notified of any deferment granted to a borrower, or any agreement reached with the borrower, that increases the amount due over time on the note.
History: Eff. 11/8/2000, Register 156; am 1/30/2003, Register 165
Authority: AS 14.44.035
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Last modified 7/05/2006