Section 20 AAC 15.675 - Forgiveness benefits(a) To qualify for a forgiveness benefit under AS 14.43.305(j), the borrower must(1) provide documentation that the borrower has satisfied the requirements of AS 14.43.305(j) and this section; and(2) 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.(b) 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.(c) For the purpose of AS 14.43.305(j), a borrower is employed full-time in the state during a calendar year if the borrower is (1) employed full-time in a qualified fisheries related field in the state for the duration of the relevant season during that year; and(2) physically present in the state, with the intent to remain permanently, for at least 180 days of that year.(d) A borrower who fails to meet the requirements of (c)(2) of this section may request a waiver by the executive director. The executive director's decision constitutes final agency action. To receive a waiver, the borrower must(1) demonstrate the borrower's continuing intent to return to and remain permanently in the state; and(2) provide proof that the borrower's absence from the state was for a reason described in 20 AAC 15.060(j) (1) or (2).Eff. 12/4/96, Register 140Authority:AS 14.43.120
AS 14.43.305