Section 20 AAC 15.990 - Definitions(a) In this chapter, unless otherwise provided or the context otherwise requires, (1) "clock hour" means a period of time that is not less than a 50-minute class, lecture, or recitation;(2) "collegiate program" means a program of study for which credit hours are awarded toward an associate, baccalaureate, or higher degree;(3) "commission" means the Alaska Commission on Postsecondary Education;(4) "corporation" means the Alaska Student Loan Corporation;(5) "full-time student" means(A) an undergraduate student, in good standing, who is enrolled in any combination of courses, work experiences, research, or special studies that the institution requires to consider the student as engaged in full-time study and that amounts to the equivalent of at least 12 undergraduate semester or quarter hours per academic term;(B) a graduate student, in good standing, who is enrolled in any combination of courses, work experiences, research, or special studies that the institution requires to consider the student as engaged in full-time study and that amount to the equivalent of at least nine graduate semester or quarter hours per academic term;(C) a student enrolled in a non-flight school career education program for at least six weeks in duration and for a minimum of 30 clock hours a week; in this subparagraph, "enrolled" means enrolled and attending for the specified minimum number of clock hours except for (i) excused and unexcused absences on record at the institution of attendance that do not exceed 15 percent of the total possible contracted hours elapsed since the beginning of the contracted enrollment period of the course of study; or(ii) periods of approved leave of absence verified as described in 20 AAC 17.110(b) (10); or(D) a student enrolled in an approved flight school program who logs a minimum of 17 hours per month, or 51 hours for a three-month period;(6) "graduate degree program" means an educational program for which a master's degree, doctorate, or other degree requiring study beyond that necessary for a bachelor's degree is awarded;(7) "half-time student" means(A) an undergraduate student, in good standing, who is enrolled in any combination of courses, work experiences, research, or special studies that the institution requires to consider the student as engaged in half-time study and that amount to the equivalent of at least six, but less than 12, undergraduate semester or quarter hours per academic term;(B) a graduate student, in good standing, who is enrolled in any combination of courses, work experiences, research, or special studies that the institution requires to consider the student as engaged in half-time study and that amounts to the equivalent of at least six, but less than nine, graduate semester or quarter hours per academic term; or(C) a student enrolled in good standing in a career education program of at least 12 weeks in duration and for at least 15 clock hours a week; in this subparagraph, "enrolled" means enrolled and attending for the specified minimum number of clock hours except for (i) excused and unexcused absences on record at the institution of attendance that do not exceed 15 percent of the total possible contracted hours elapsed since the beginning of the contracted enrollment period for the course of study; or(ii) periods of approved leave of absence verified as described in 20 AAC 17.110(b) (10);(8) "successfully complete" means to complete a course for which academic credit is earned;(9) "cosigner" means an endorser;(10) "refund" means any amount due to a funding source as a result of a change in financial aid award, student enrollment, or attendance status relative to eligibility for and determination of the amount of the financial aid award;(11) "business day" means a day other than Saturday, Sunday, or a state holiday;(12) "disburse" means to make awarded loan proceeds available to the borrower, including by crediting those loan proceeds to a borrower's student account at the institution of attendance;(13) "ACH transaction" means an electronic transaction by means of the Automated Clearing House network for the interbank clearing of electronic payments for participating depository financial institutions;(17) "endorser" means a person who signs a promissory note, or an endorser addendum for a PLUS loan, and who, by signing that note or addendum, becomes secondarily liable for a loan obligation, agreeing to pay if the borrower does not pay;(18) "FFELP eligible school" means a postsecondary institution of higher education or a postsecondary vocational school that the department has declared eligible to participate in the FFELP;(19) "FAFSA" means the Free Application for Federal Student Aid, as developed under 20 U.S.C. 1082(m)(1)(C) and described in 34 C.F.R. 682.102(a);(20) "FFELP" means the Federal Family Education Loan Program established under 20 U.S.C. 1070- 1099 c (Title IV of the Higher Education Act of 1965);(21) "secretary" means the United States Secretary of Education;(22) "AlaskAdvantage" means the service mark registered by the commission under 15 U.S.C. 1051 (Trademark Act) and used to describe financial aid and higher education outreach programs and services provided by the commission;(23) "FICO" means Fair, Isaac, and Co. Inc., a developer of credit risk scores used by credit grantors in the lending process;(24) "PSE" means the Professional Student Exchange program of WICHE;(25) "WICHE" means the Western Interstate Commission for Higher Education;(26) "Stafford loan" means a federal loan authorized under 20 U.S.C. 1071- 1078.(27) "vocational program'; or "vocational certificate program," means a career and technical course of study in a recognized occupation leading to a terminal diploma, credential, or comparable certificate of completion, designed to lead to employment or occupational competencies.(b) For the purposes of AS 14.43.120(c), "to maintain a loan" means to continue to be eligible for loan disbursements.(c) For the purposes of AS 14.43.125(a), "dependent on" or "dependent of" means an individual under the age of 24 on December 31 of the loan award year who was claimed as a dependent by the individual's parent or guardian for federal income tax purposes for the year preceding the loan award year.(d) For purposes of the definition of "career education" in AS 14.43.160, "course or program in vocational-technical training or education" means a course of study in a recognized occupation leading to a degree, diploma, or comparable certificate of completion.Eff. 6/23/95, Register 134; am 3/22/97, Register 141; am 3/15/98, Register 145; am 4/20/2000, Register 154; am 11/5/2000, Register 156; am 4/27/2001, Register 158; am 3/1/2002, Register 161; am 7/1/2002, Register 162; am 4/2/2004, Register 169; am 2/27/2010, Register 193; am 11/16/2012, Register 204; am 4/6/2018,Register 226, July 2018Authority:AS 14.42.030
AS 14.43.105
AS 14.43.120
AS 14.43.125
AS 14.43.160
AS 14.43.320
AS 14.43.630
AS 14.43.740