(a) In a school year, the corporation may finance a loan under AS 14.43.170 - 14.43.175 in a maximum amount to be determined by the corporation to an eligible (1) undergraduate student attending an eligible college or university; (2) graduate student attending an eligible college or university; and (3) student attending an eligible career education program. (b) The corporation may finance loans made under AS 14.43.170 - 14.43.175 to an eligible borrower in a maximum total amount to be determined by the corporation for (1) an undergraduate study program; (2) a graduate study program; and (3) a combined undergraduate and graduate study program. (c) To maintain a loan award under AS 14.43.170 - 14.43.175, the borrower must continue to be in good standing as determined by the institution and approved by the commission. (d) The commission shall determine a borrower's loan award amount for a specific school year, which may not exceed the limits established by the corporation or the borrower's costs of attendance.
Alaska Legal Code