00 SENATE BILL NO. 143                                                                                                     
01 "An Act reducing the rate of interest on certain student loans; and providing for                                       
02 an effective date."                                                                                                     
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 14.43.120(f) is amended to read:                                                                    
05  (f)  Interest on a loan given under AS 14.43.090 - 14.43.160 is at the rate of                                        
06 six [EIGHT] percent a year unless the loan is in default.  Interest on a loan that is in                              
07 default is eight [10] percent a year for the period the loan is in default.                                           
08    * Sec. 2.  APPLICABILITY.  This Act applies to interest due on a loan that is entered into                           
09 on or after July 1, 1993.                                                                                               
10    * Sec. 3.  This Act takes effect July 1, 1993.