Section 14.42.210. Education loan fund and program administration.

   (a) The education loan fund is established in the corporation. The education loan fund is a trust fund to be used to carry out the purposes of AS 14.42.100 - 14.42.990, AS 14.43.091 - 14.43.175, 14.43.600 - 14.43.700, 14.43.710 - 14.43.750, 14.43.990, and AS 14.44.025. The fund consists of money or assets appropriated or transferred to the corporation for the fund and money or assets deposited in it by the corporation. The corporation may establish separate accounts in the fund.
   (b) Money and other assets of the education loan fund may be used to
        (1) secure bonds of the corporation;
        (2) pay the costs of administration of the fund;
        (3) invest in education loans and investments under AS 37.10.071;
        (4) finance programs approved under AS 14.43.091 - 14.43.175, 14.43.600 - 14.43.700, 14.43.710 - 14.43.750, or AS 14.44.040; and
        (5) pay the costs of administering and collecting the loans and repayment obligations under the financial aid programs listed in (4) of this subsection.
   (c) The financial aid programs listed in (b)(4) of this section shall be administered by the commission. The corporation and the commission may enter into agreements relating to the administration of the programs. The corporation may assign its rights under the agreements for the benefit and security of holders of its bonds.
   (d) The corporation may provide for terms and conditions for use of the education loan fund that are more favorable than prevailing terms and conditions available to students from other education lenders.

Authorities

14.42.220;14.42.295;14.42.990;14.43.091;14.43.720;14.44.040;37.10.089

Notes

Implemented As

20 AAC 14.050
20 AAC 15.092
20 AAC 15.189
20 AAC 18.100

References

20 AAC 18.050
AS 14.42.220 Bonds of the corporation.
AS 14.42.295 Payment to state.
AS 14.42.990 Definitions.
AS 14.43.091 Education loan program.
AS 14.43.720 Family education loan account.
AS 14.44.040 Repayment condition for program participants.
AS 37.10.089 Loans to the education loan fund; bond purchase agreements and letters of credit.

History

(Sec. 2 ch 92 SLA 1987; am Sec. 11 ch 141 SLA 1988; am Sec. 2, 3 ch 54 SLA 1997; am Sec. 2 ch 23 SLA 1999; am Sec. 9 - 11 ch 85 SLA 2001; am Sec. 2, 3 ch 63 SLA 2004; am Sec. 9 - 11 ch 89 SLA 2014)