00                    SENATE CS FOR HOUSE BILL NO. 114(FIN)                                                                
01 "An Act relating to the education loan program, the Alaska supplemental education                                       
02 loan program, and the teacher education loan program; and providing for an effective                                    
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 14.43.122(b) is amended to read:                                                                   
06            (b)  For a borrower to be eligible for consolidation of a loan under this section,                           
07       the borrower must apply on a form approved by the corporation and must [PROVIDE                               
08       PROOF SATISFACTORY TO THE CORPORATION THAT THE BORROWER]                                                          
09                 (1)  physically reside [RESIDES] in the state and have [HAS]                                    
10       maintained a domicile in the state for not less than 12 consecutive months before                                 
11       submitting an application for consolidation;                                                                      
12 (2)  be a previous borrower, cosigner, or beneficiary of an                                                         
13 education loan made under AS 14.43 or AS 14.44 [HAS NOT BEEN                                                        
14 PHYSICALLY ABSENT FROM THE STATE FOR MORE THAN 60 DAYS IN                                                               
01       THE 12 MONTHS BEFORE SUBMITTING AN APPLICATION FOR                                                                
02       CONSOLIDATION]; or                                                                                            
03                 (3)  be a graduate of a high school or postsecondary institution                                    
04       physically located in the state [HAS NOT DECLARED RESIDENCY IN                                                
05       ANOTHER STATE;                                                                                                    
06                 (4)  HAS NOT RECEIVED A BENEFIT OF RESIDENCY IN                                                         
07       ANOTHER STATE].                                                                                                   
08    * Sec. 2. AS 14.43.173(a) is amended to read:                                                                      
09            (a)  In a school year, the corporation may finance a loan [TO AN ELIGIBLE                                    
10 BORROWER] under AS 14.43.170 - 14.43.175 in a maximum amount to be                                                  
11 determined by the corporation to an eligible [ATTENDING AN ELIGIBLE                                                 
12       POSTSECONDARY INSTITUTION NOT TO EXCEED]                                                                          
13 (1)  [$14,000 TO AN ELIGIBLE] undergraduate student attending an                                                    
14       eligible [A] college or university;                                                                           
15 (2)  [$15,000 TO AN ELIGIBLE] graduate student attending an                                                         
16       eligible [A] college or university; and                                                                   
17 (3)  [$10,000 TO AN ELIGIBLE] student attending an eligible [A]                                                     
18       career education program.                                                                                         
19    * Sec. 3. AS 14.43.173(b) is amended to read:                                                                      
20 (b)  The corporation may finance loans made under AS 14.43.170 - 14.43.175                                              
21 to an eligible [A] borrower in a maximum total [IN AN] amount to be determined                              
22       by the corporation for [THAT IS NOT MORE THAN]                                                                
23                 (1)  an [A TOTAL OF $56,000 FOR] undergraduate study program;                                   
24 (2)  a [TOTAL OF $60,000 FOR] graduate study program; and [; OR]                                                    
25 (3)  a combined [TOTAL OF $87,000 FOR] undergraduate and                                                                
26       graduate study program.                                                                                       
27    * Sec. 4. AS 14.43.173(d) is amended to read:                                                                    
28 (d)  The commission shall determine a borrower's loan award amount for a                                                
29 specific school year, which [BASED ON A STUDENT'S ON-TIME, HALF-TIME,                                               
30 AND FULL-TIME STUDENT STATUS AND] may not exceed the limits established                                                 
31       by the corporation [IN THIS SECTION] or the borrower's costs of attendance.                                   
01    * Sec. 5. AS 14.43.175 is amended to read:                                                                         
02 Sec. 14.43.175. Repayment of loans. A borrower's obligation to repay                                              
03 [COMMENCE REPAYMENT OF] the principal of and interest on a loan made under                                          
04 AS 14.43.170 - 14.43.175 begins not later [MORE] than six months following the                                      
05 borrower's completion or other termination of the postsecondary program or on the                                   
06 date [THAT] the borrower ceases to be enrolled in the program [ON] at least half                                
07 time. The commission and borrower may agree to a repayment schedule that                                            
08       begins immediately upon disbursement of a loan [A HALF-TIME BASIS].                                           
09    * Sec. 6. AS 14.43.700 is amended to read:                                                                         
10 Sec. 14.43.700. Definition. In AS 14.43.600 - 14.43.700, "rural" means a                                              
11 community with a population of 7,500 [5,500] or less that is not connected by road or                               
12 rail to Anchorage or Fairbanks or a community with a population of 1,500 or less that                               
13       is connected by road or rail to Anchorage or Fairbanks.                                                           
14    * Sec. 7. The uncodified law of the State of Alaska is amended by adding a new section to                          
15 read:                                                                                                                   
16       RETROACTIVITY. Section 6 of this Act is retroactive to January 1, 2016.                                           
17    * Sec. 8. This Act takes effect July 1, 2022.