20 AAC 18.130 - Deferment of payments
(a) A borrower may defer the borrower's
obligation to make periodic payments under
20 AAC 18.100(e)
during any of the following periods:
(1) for
up to four years for return to full-time student status in good standing in a
college or university that meets the requirements of
AS
14.43.120(b)(2)(B);
(2) for a one-time period up to 12 months, if
during that period the borrower is seeking and unable to find employment in the
United States;
(3) during the
period of disability if, after the loan is disbursed, the borrower becomes
totally disabled; in order for a borrower to obtain a deferment, not to exceed
three years, under this paragraph, a physician who practices within the medical
field covering the disability, who has examined the borrower within the prior
12 months, and who is licensed to practice medicine in the state where the
examination took place must certify that, after the date the commission last
paid a support fee on behalf of the borrower, the borrower
(A) became permanently disabled;
and
(B) as a result of the
disability became unable for an indefinite period of time to be gainfully
employed or to attend school full-time;
(4) an initial period of up to three years,
if the borrower is serving on active duty during that period as a member of the
armed forces of the United States;
(5) a period during which the borrower is
recalled to active duty as a member of the armed forces of the United States in
a time of war or other armed conflict.
(b) A deferment of payments does not suspend
the accrual of interest due on the PSE loan during the period of the
deferment.
(c) In order to obtain a
deferment of payments, a borrower must apply on a form provided by the
commission, showing the borrower's eligibility for the requested deferment and
acceptance of the terms of the deferment agreement. Until the deferment
application is approved by the commission staff, the borrower's original
repayment schedule continues in effect. If the borrower meets the requirements
of this section, the commission staff shall approve the deferment. If the
deferment is approved, the commission staff shall send the borrower the
deferment agreement.
(d) A borrower
who has received a deferment shall immediately notify the commission if the
conditions under which the deferment was granted no longer exist.
(e) A borrower who has defaulted on a PSE
loan is not eligible for a deferment of that loan.
(f) For purposes of (a)(1) of this section, a
student who is in an internship or residency that is required as part of the
program of study is a full-time student.
(g) For purposes of (a)(3) of this section, a
deferment may not be granted for a condition that existed at the time the PSE
loan was disbursed unless the condition has substantially deteriorated since
the time of the disbursement.
Notes
Authority:AS 14.44.035
AS 14.44.040
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