20 AAC 15.675 - Forgiveness benefits
(a) To qualify for a forgiveness benefit
under AS
14.43.305(j), the borrower
must
(1) provide documentation that the
borrower has satisfied the requirements of
AS
14.43.305(j) and this
section; and
(2) be current in
repayment in compliance with
AS
14.43.120 and 20 AAC 15 on the loan for which
a forgiveness benefit is claimed.
(b) Forgiveness benefits are credited against
the unpaid principal balance. Receipt of a forgiveness benefit does not alter
the amount of the monthly payments due under the borrower's repayment schedule
for the loan, but instead reduces the remaining number of monthly
payments.
(c) For the purpose of
AS
14.43.305(j), a borrower is
employed full-time in the state during a calendar year if the borrower is
(1) employed full-time in a qualified
fisheries related field in the state for the duration of the relevant season
during that year; and
(2)
physically present in the state, with the intent to remain permanently, for at
least 180 days of that year.
(d) A borrower who fails to meet the
requirements of (c)(2) of this section may request a waiver by the executive
director. The executive director's decision constitutes final agency action. To
receive a waiver, the borrower must
(1)
demonstrate the borrower's continuing intent to return to and remain
permanently in the state; and
(2)
provide proof that the borrower's absence from the state was for a reason
described in
20 AAC 15.060(j) (1) or
(2).
Notes
Authority:AS 14.43.120
AS 14.43.305
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