Section 20.15.955. Refunds.

	(a)  In the event a recipient of an education loan provided under AS 14.43  becomes eligible for a total or partial refund of $50 or more, the institution shall, within 30 days of the date that the student becomes eligible for the refund, make any refund in excess of any required refund under 20 U.S.C. 1070 - 1100 to the commission, up to the full amount of the borrower's loan indebtedness to the commission.  
	(b)  An institution must have a written policy for refunding tuition, fees, and other charges if a student withdraws or otherwise fails to complete the program of study.  
	(c)  A refund due to the commission under (a) of this section or due to the commission as the result of an award exceeding allowable costs per AS 14.43.120(a) that totals less than $50 may be disbursed to the student.  
	(d)  In the event and to the extent that an institution is required to reimburse to the commission an amount the institution disbursed in error to a borrower and the institution has not been reimbursed by the borrower, the commission will, upon request of the institution, assign to the institution its rights to collection of that amount.  

Authorities

14.43.105;14.43.120;14.43.125;14.43.300;14.43.305;14.43.320;14.43.630;14.43.640;14.43.730;14.43.740;14.43.920;44.62.125

Notes

Reference

20 AAC 15.740

Authority

AS 14.43.105 AS 14.43.120 AS 14.43.125 AS 14.43.300 AS 14.43.305 AS 14.43.320 AS 14.43.630 AS 14.43.640 AS 14.43.730 AS 14.43.740 AS 14.43.920 Editor's note: As of Register 160 (January 2002), the regulations attorney made a technical revision under AS 44.62.125 (b)(6), and in accordance with ch. 85, sec. 45, SLA 2001, to change "student loan" to "education loan" in 20 AAC 15.955(a).

History

Eff. 4/20/2000, Register 154; am 1/30/2003, Register 165

References

20.15.955