(a) The corporation may offer a borrower who has received more than one education loan the option of consolidating the multiple loans into a single loan as provided in this section.
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Terms Used In Alaska Statutes 14.43.122

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(b) For a borrower to be eligible for consolidation of a loan under this section, the borrower must apply on a form approved by the corporation and must

(1) physically reside in the state and have maintained a domicile in the state for not less than 12 consecutive months before submitting an application for consolidation;
(2) be a previous borrower, cosigner, or beneficiary of an education loan made under Alaska Stat. Chapter 14.43 or Alaska Stat. Chapter 14.44; or
(3) be a graduate of a high school or postsecondary institution physically located in the state.

(c) In this section, “education loan” means a loan to finance the cost of attendance at a postsecondary institution in or outside the state.
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