Section 20 AAC 15.785 - Default rate reduction requirements for institutions(a) Except for an institution that is authorized to participate in federal student aid programs under 20 U.S.C. 1070- 1099d (Title IV of the Higher Education Act of 1965), an institution with a default rate calculated under 20 AAC 15.925 in excess of 20 percent shall develop and submit a default reduction plan acceptable to the commission not later than 45 days after the date of the default rate determination.(b) An institution that fails to comply with (a) of this section is ineligible to receive proceeds of new student loans until the required default reduction plan is submitted and determined by the commission to be reasonably expected to effect the necessary default reduction.Eff. 7/1/2002, Register 162; am 4/6/2018,Register 226, July 2018Authority:AS 14.42.030
AS 14.43.171