(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(b) Repealed 11/16/2012.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
(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.
applicant, and an endorser if required under
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
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
(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.
staff may require an applicant to furnish further information and documents to
verify statements on the application.