Section 20 AAC 15.965 - Deferment of payments(a) In order to obtain a deferment of payments under AS 14.43.120(k), a borrower must complete a form provided by the commission, showing the borrower's eligibility for the requested deferment and acceptance of the term's of the deferment agreement. Until the request for deferment is approved by the commission staff, the borrower's original repayment schedule continues in effect. If the borrower meets the requirements of AS 14.43 .120(k), the commision staff shall approve the deferment. If the deferment is approved, the commission staff shall send the borrower the deferment agreement.(b) A borrower who has received a deferment shall immediately notify the commission if the conditions under which the deferment was granted no longer exist.(c) A borrower who has defaulted on a loan is not eligible for a deferment of that loan under AS 14.43.120(k).(d) For purposes of AS 14.43.120(k), a student who is in an internship or residency that is required as part of the program of study, and that does not exceed 48 months, is a fulltime student.(e) For purposes of AS 14.43.120(k)(8), a deferment may not be granted (1) for a condition that existed at the time the loan was disbursed, unless the condition has substantially deteriorated since the time of the disbursement; or(2) after denial of a request for medical cancellation under 20 AAC 15.920, unless the condition for which the deferment is being requested did not exist at the time of the request for medical cancellation.(f) For purposes of AS 14.43.120(k)(8), deferment requests in excess of five years for the same condition must include documentation sufficient for the executive director to determine that the borrower is unable to repay the loan without undue financial hardship.(g) This section does not apply to the family education loan program under AS 14.43.710 - 14.43.750Eff. 3/22/97, Register 141; am 3/15/98, Register 145; am 4/6/2018,Register 226, July 2018Authority:AS 14.43.105
AS 14.43.120
AS 14.43.305
AS 14.43.320
AS 14.43.630
AS 14.43.640