20 AAC 15.730 - Loan fees and accrual of interest
Current through April 6, 2022
(a) If a loan or
repayment obligation becomes delinquent or in default, the borrower or
endorser, if any, shall pay the fees and costs described in
20 AAC 15.975.
(b) Repealed 12/31/2005.
(c) Interest on a loan accrues from the time
the loan is disbursed. Unpaid accrued interest will be added to the principal
balance of a loan
(1) when a loan enters
repayment under
AS
14.43.175;
(2) at the start of a period of deferment, if
unpaid interest has accrued at the time the deferment is processed;
(3) at the expiration of a period of
deferment;
(4) at the start of a
period of forbearance, if unpaid interest has accrued on the loan at the time
the forbearance is processed;
(5)
at the expiration of a period of forbearance;
(6) when a loan is transferred to a
collection agency due to the borrower's default; and
(7) any time that the borrower and the
commission enter into an alternative repayment agreement.
(d) A borrower may elect to make interest
payments during the in-school period, in accordance with the terms of the
promissory note.
Notes
Authority:AS 14.42.030
AS 14.43.174
AS 14.43.175
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