SCS HB 114(FIN): "An Act relating to the education loan program, the Alaska supplemental education loan program, and the teacher education loan program; and providing for an effective date."
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.