20 AAC 15.715 - Application procedure requirements

Current through April 6, 2022

(a) A student requesting an ASEL must complete and submit the FAFSA to the United States Department of Education in the manner set out in the FAFSA, if the student's institution of attendance requires the FAFSA.
(b) Repealed 11/16/2012.
(c) The commission staff shall process applications and distribute available loan proceeds based on the order in which the applications are received, except that in a year that financing is insufficient and not available to fully finance loan demand, priority will be given to residents of this state attending institutions in this state. Each year, a person requesting a loan for that school year must file a new or renewal application.
(d) If the student's school has not notified the student of the availability of the ASEL, has not provided the student with a loan application and promissory note for the student's signature, or has not collected any additional information required, the commission staff shall provide the applicable notification or items, and shall collect any additional information required.
(e) The student must complete a loan application and promissory note and submit them to the commission.
(f) If the school the student is attending requires its financial aid staff to certify the loan award before the award is made final, commission staff may not disburse loan money to the school until the award is certified.
(g) An applicant, and an endorser if required under AS 14.43.172, must sign a promissory note for the loan award, unless a previously completed master promissory note is in effect. The applicant's parent or legal guardian, who meets the eligibility requirements of AS 14.43.172(c), also must sign the promissory note if the applicant is under 17 years of age. An endorser's signature on a promissory note may be required to be notarized. Liability for the loan is limited to the amount of loan money disbursed on behalf of the student plus applicable interest, loan origination fees, and collection costs.
(h) An application is timely filed only if it is submitted on or before the applicable deadline for the academic period for which the loan is requested and contains all information required to make a determination of the applicant's eligibility and the amount of the loan award.
(i) Commission staff may require an applicant to furnish further information and documents to verify statements on the application.

Notes

20 AAC 15.715
Eff. 7/1/2002, Register 162; am 5/7/2009, Register 190; am 2/27/2010, Register 193; am 11/16/2012, Register 204; am 4/6/2018,Register 226, July 2018

Authority: AS 14.42.030

AS 14.43.171

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