2023 Alaska Statutes › Title 14. Education, Libraries, and Museums › Chapter 43. Financial Aid Programs for Postsecondary Students › Article 7. Memorial Education Revolving Loan Fund. › Sec. 14.43.305. Repayment of loans.

(a) Memorial education loans under AS 14.43.250(b)(1) - (4) or (6) shall be noninterest-bearing and security for the loan may not be required. However, the note signed by the recipient shall provide for the payment of attorney fees, costs of court, and skip-tracing fees if any are incurred in collection of the unpaid amount owed on the loan.
(b) No part of a loan made under AS 14.43.250 - 14.43.325 need be repaid during an academic year in which the student is attending an accredited college or university as a full-time student.
(c) Loans may be repaid at an accelerated rate at the option of the recipient.
(d) If a loan is in default, the administering authority shall notify the recipient that repayment of the remaining balance is accelerated and due by sending the recipient a notice of registered or certified mail.
(e) A recipient of a memorial education loan under AS 14.43.250(b)(1) - (4) or (6) who graduates from a degree program, or for a loan under AS 14.43.250(b)(1) from a certificate program, shall receive forgiveness of one-fifth of loan principal for each one-year period the recipient is employed full time in Alaska in
(1) law-enforcement or related fields, if a recipient of a Michael Murphy memorial education loan;
(2) criminal law, criminal justice, or other closely related fields, if a recipient of a Carroll L. “Butch” Swartz memorial education loan;
(3) a recognized branch of the engineering profession or other closely related fields, if a recipient of a Harvey Golub memorial education loan;
(4) education or public administration, or other closely related field, if a recipient of a Robert L. Thomas memorial education loan; or
(5) education, public administration, government, or other closely related field, if a recipient of a Nick Begich memorial education loan.
(f) That portion of the loan that is forgiven under (e) or (j) of this section shall be considered a grant to the recipient.
(g) A recipient who does not qualify for forgiveness of all or a part of the loan made under AS 14.43.250(b)(1) - (4) or (6) shall begin repayment of the unforgiven portion within six months after leaving employment or terminating studies in
(1) law enforcement or related fields, if a recipient of a Michael Murphy memorial education loan;
(2) criminal law, criminal justice, or other closely related fields, if a recipient of a Carroll L. “Butch” Swartz memorial education loan;
(3) a recognized branch of the engineering profession or other closely related fields, if a recipient of a Harvey Golub memorial education loan;
(4) education or public administration, or other closely related field, if a recipient of a Robert L. Thomas memorial education loan; or
(5) education, public administration, government, or other closely related field, if a recipient of a Nick Begich memorial education loan.
(h) The unforgiven portion of a loan under (g) of this section shall be repaid in an amount, and at a monthly rate, to be determined by the administering authority after consultation with the recipient, but in any event not less than $50 a month.
(i) To the extent they are not in conflict with terms and conditions under AS 14.43.250 - 14.43.325, the terms and conditions of a memorial education loan made under AS 14.43.250(b)(5) are the same as the terms and conditions for an education loan under AS 14.43.091 - 14.43.160, except that the interest on the loan is equal to five percent.
(j) A recipient of a memorial education loan under AS 14.43.250(b)(5) who graduates from a certificate or degree program shall receive forgiveness of 10 percent of loan principal, up to a maximum of 50 percent of loan principal, for each one-year period during the first five years following graduation that the recipient is employed full time in the state in fisheries, fishery science, fishery management, seafood processing, food technology, or other closely related field.