20 AAC 15.125 - Application procedure requirements

(a) A student applying for an AlaskAdvantage loan must complete and submit a 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's FFELP eligible school has not notified the student of the availability of the AlaskAdvantage loan, the commission staff shall provide that notification.

(c) After a FFELP eligible school, under 34 C.F.R. 668, calculates the amount of the student's eligibility for an AlaskAdvantage loan and requests the student's acceptance of a loan award, and upon the student's acceptance of that loan award, the student must complete a loan application and master promissory note and return it for certification by the FFELP eligible school's financial aid office.

(d) To apply for AlaskAdvantage PLUS loans, a parent who is applying for a parent PLUS loan, or graduate or professional student who is applying for a student PLUS loan, must

(1) complete and submit a FAFSA to the United States Department of Education, if that agency requires the submission of any FAFSA; and

(2) complete a loan application and promissory note and return those forms for certification by the FFELP eligible school's financial aid office.

(e) A graduate or professional student borrower of a federal PLUS loan must apply for the annual loan maximum eligible under the federal subsidized and unsubsidized Stafford before applying for a federal PLUS loan.

Notes

20 AAC 15.125

Eff. 7/1/2002, Register 162; am 6/7/2007, Register 182

As of Register 172 (January 2005), and acting under AS 44.62.125(b)(6) and sec. 34, ch. 63, SLA 2004, the regulations attorney made technical changes to reflect the name change of the Alaska advantage loan program to the AlaskAdvantage loan program made by secs. 10, 13, and 28, ch. 63, SLA 2004.

Authority:AS 14.42.030

AS 14.43.162

AS 14.43.163