Section 20 AAC 15.935 - Computation of authorized loan awards(a) A loan award is based upon allowable expenses as computed by the enrolling institution and approved by the commission. The loan award for a student - enrolled for less than a full school year is prorated based upon the actual period of attendance.(b) The minimum authorized loan award for an applicant is $500 for a school year.(c) Loan awards are made subject to funding availability.(d) For students enrolled less than full-time, allowable costs of attendance are (1) tuition and required fees; and (2) required books, supplies, and equipment.(e) For loans made under AS 14.43.170-14.43.175 (Alaska supplemental education loan program) AS 14.43.710-14.43.750 or (Alaska family education loan program), the maximum annual loan award to a borrower for (1) an eligible undergraduate student is (A) $14,000 for on-time enrollment; (B) $12,500 for full-time enrollment; (C) $7,500 for half-time enrollment; (2) an eligible graduate student is (A) $15,000 for full-time enrollment; (B) $7,500 for half-time enrollment; and(3) an eligible student attending a career education program, the duration of which is at least 180 hours over a period of not less than six weeks, and that culminates in a terminal certificate designed to lead to employment, is $10,000.Eff. 3/22/97, Register 141; am 4/20/2000, Register 154; am 2/22/2015, Register 213, April 2015Authority:AS 14.43.105
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