20 AAC 15.170 - Definitions

In 20 AAC 15.100 - 20 AAC 15.170, unless the context requires otherwise,

(1) "guarantor" means a state or private nonprofit organization that has an agreement with the secretary to administer a loan guarantee program under 20 U.S.C. 1001 - 1155 (Higher Education Act of 1965);

(2) "insurance premium" means the fee charged by the guarantor for each loan that the guarantor guarantees;

(3) "master promissory note" means a single-year or multi-year promissory note by which a student borrower promises to repay loan money;

(4) "PLUS loan" means a loan provided under 20 U.S.C. 1078-2;

(5) repealed 11/16/2012;

(6) "subsidized Stafford loan" means a Stafford loan with an interest offset that, under 20 U.S.C. 1078(a), the United States government pays on the borrower's behalf to the commission;

(7) "unsubsidized Stafford loan" means a Stafford loan provided under 20 U.S.C. 1078-8 without an interest subsidy;

(8) "graduate or professional student" means a student who, for a period of enrollment,

(A) is enrolled in a program or course above the baccalaureate level or is enrolled in a program leading to a professional degree;

(B) has completed the equivalent of at least three years of full-time study, either before entrance into the program or as part of the program itself; and

(C) is not receiving aid under 20 U.S.C. 1070 - 1100 (Title IV) as an undergraduate student for the same period of enrollment.

Notes

20 AAC 15.170

Eff. 7/1/2002, Register 162; am 6/7/2007, Register 182; am 7/12/2008, Register 187; am 11/16/2012, Register 204

Authority:AS 14.42.030