Section 20 AAC 15.250 - Forgiveness benefits(a) To qualify to have a portion of a loan be paid by the state as a forgiveness benefit under AS 14.43.640(b), a borrower must(1) provide a copy of the borrower's degree, diploma, or certificate of completion for the course of study for which the loan was awarded;(2) show proof of employment as a teacher in an elementary or secondary school in rural Alaska, as defined in AS 14.43.700, or in an urban area of Alaska under the requirements of the exception set out in AS 14.43.640(f);(3) provide certification on a form provided by the commission that the borrower has satisfied the requirements of AS 14.43.640(b) and this section;(4) be current in repayment in compliance with AS 14.43.120 and 20 AAC 15 on the loan for which a forgiveness benefit is claimed; and(5) not have defaulted on the loan.(b) Forgiveness benefits will be prorated for a borrower who shows proof of employment as a teacher for the equivalent of at least one-half of the school day for a full school year, or full-time for one-half of the school year, but less than full-time for the full school year.(c) Forgiveness benefits are credited against the unpaid principal balance. Receipt of a forgiveness benefit does not alter the amount of the monthly payments due under the borrower's repayment schedule for the loan, but instead reduces the remaining number of monthly payments.(d) A borrower who is not eligible for forgiveness benefits under AS 14.43.640(b) is eligible for benefits under former AS 14.43.120(j) if the loan was awarded before July 1, 1987 and the borrower qualifies under former AS 14.43.120(j) and 20 AAC 15.060.(e) A borrower who qualifies for forgiveness benefits under AS 14.43.640(f) must certify on a form obtained from the commission that the qualifying medical condition continued to exist during the period of employment required under AS 14.43.640(f).Eff. 8/16/86, Register 99; am 6/26/87, Register 102; am 5/8/88, Register 106; am 9/15/88, Register 107; am 5/18/90, Register 114; am 11/28/92, Register 124; am 6/23/95, Register 134; am 3/22/97, Register 141; am 9/23/99, Register 151Authority: Former
AS 14.43.120(j)
AS 14.43.630
AS 14.43.640