Section 20.14.225. Applicant eligibility.

	(a)  An applicant for a refinancing loan must   
		(1) meet the eligibility requirements of AS 14.43.122(b);  
		(2) be a resident of the state as defined in AS 01.10.055 at the time of the application for a refinancing loan;  
		(3) be a United States citizen or a permanent resident alien admitted to the United States as a lawful permanent resident according to 8 U.S.C. 1101 - 1537 (United States Immigration and Nationality Act);  
		(4) be employed or if not employed, document to the commission a long-term source of income sufficient to repay the loan; and  
		(5) have has a credit history that demonstrates good credit, such as having a FICO score that is equal to or higher than the FICO score set by the corporation or providing documentation that the commission determines documents a history of an ability to repay the loan.  
	(b)  An applicant who does not meet the requirements of (a)(4) and (5) of this section may qualify for a refinancing loan by providing a cosigner who independently meets the requirements of (a) of this section.  
	(c)  The commission may require additional documentation as needed to determine borrower eligibility.  
	(d)  An applicant must be an obligated party or student beneficiary on the underlying loans being refinanced.  
	(e)  An applicant refinancing one or more corporation state education loans in a refinancing application must include all outstanding corporation state education loans.  

Authorities

14.42.150;14.42.200;14.43.122

Notes

Authority

AS 14.42.150 AS 14.42.200 AS 14.43.122

History

Eff. 7/31/2016, Register 219