Alaska Administrative Code › Title 20 - Miscellaneous Boards and Commissions › Chapter 15 - Student Financial Aid › Article 11 - General Provisions › 20 AAC 15.990 - Definitions

Current through May 31, 2024
(a) In this chapter, unless otherwise provided
				or the context otherwise requires,
(1) "clock
				hour" means a period of time that is not less than a 50-minute class, lecture, or
				recitation;
(2) "collegiate program"
				means a program of study for which credit hours are awarded toward an associate,
				baccalaureate, or higher degree;
(3)
				"commission" means the Alaska Commission on Postsecondary Education;
(4) "corporation" means the Alaska Student Loan
				Corporation;
(5) "full-time student"
				means
(A) an undergraduate student, in good
				standing, who is enrolled in any combination of courses, work experiences,
				research, or special studies that the institution requires to consider the
				student as engaged in full-time study and that amounts to the equivalent of at
				least 12 undergraduate semester or quarter hours per academic term;
(B) a graduate student, in good standing, who
				is enrolled in any combination of courses, work experiences, research, or special
				studies that the institution requires to consider the student as engaged in
				full-time study and that amount to the equivalent of at least nine graduate
				semester or quarter hours per academic term;
(C) a student enrolled in a non-flight school
				career education program for at least six weeks in duration and for a minimum of
				30 clock hours a week; in this subparagraph, "enrolled" means enrolled and
				attending for the specified minimum number of clock hours except for
(i) excused and unexcused absences on record at
				the institution of attendance that do not exceed 15 percent of the total possible
				contracted hours elapsed since the beginning of the contracted enrollment period
				of the course of study; or
(ii)
				periods of approved leave of absence verified as described in
				20 AAC 17.110(b) (10); or
(D) a student enrolled in an approved flight
				school program who logs a minimum of 17 hours per month, or 51 hours for a
				three-month period;
(6)
				"graduate degree program" means an educational program for which a master's
				degree, doctorate, or other degree requiring study beyond that necessary for a
				bachelor's degree is awarded;
(7)
				"half-time student" means
(A) an undergraduate
				student, in good standing, who is enrolled in any combination of courses, work
				experiences, research, or special studies that the institution requires to
				consider the student as engaged in half-time study and that amount to the
				equivalent of at least six, but less than 12, undergraduate semester or quarter
				hours per academic term;
(B) a
				graduate student, in good standing, who is enrolled in any combination of
				courses, work experiences, research, or special studies that the institution
				requires to consider the student as engaged in half-time study and that amounts
				to the equivalent of at least six, but less than nine, graduate semester or
				quarter hours per academic term; or
(C) a student enrolled in good standing in a
				career education program of at least 12 weeks in duration and for at least 15
				clock hours a week; in this subparagraph, "enrolled" means enrolled and attending
				for the specified minimum number of clock hours except for
(i) excused and unexcused absences on record at
				the institution of attendance that do not exceed 15 percent of the total possible
				contracted hours elapsed since the beginning of the contracted enrollment period
				for the course of study; or
(ii)
				periods of approved leave of absence verified as described in
				20 AAC 17.110(b) (10);
(8) "successfully complete" means to complete a
				course for which academic credit is earned;
(9) "cosigner" means an endorser;
(10) "refund" means any amount due to a funding
				source as a result of a change in financial aid award, student enrollment, or
				attendance status relative to eligibility for and determination of the amount of
				the financial aid award;
(11)
				"business day" means a day other than Saturday, Sunday, or a state
				holiday;
(12) "disburse" means to
				make awarded loan proceeds available to the borrower, including by crediting
				those loan proceeds to a borrower's student account at the institution of
				attendance;
(13) "ACH transaction"
				means an electronic transaction by means of the Automated Clearing House network
				for the interbank clearing of electronic payments for participating depository
				financial institutions;
(14) Repealed
				4/6/2018;
(15) Repealed
				4/6/2018;
(16) repealed
				4/2/2004;
(17) "endorser" means a
				person who signs a promissory note, or an endorser addendum for a PLUS loan, and
				who, by signing that note or addendum, becomes secondarily liable for a loan
				obligation, agreeing to pay if the borrower does not pay;
(18) "FFELP eligible school" means a
				postsecondary institution of higher education or a postsecondary vocational
				school that the department has declared eligible to participate in the
				FFELP;
(19) "FAFSA" means the Free
				Application for Federal Student Aid, as developed under
				20 U.S.C.
				1082(m)(1)(C) and described in
				34
				C.F.R. 682.102(a);
(20) "FFELP" means the Federal Family Education
				Loan Program established under
				20 U.S.C.
				1070-
				1099 c (Title IV of the
				Higher Education Act of 1965);
(21)
				"secretary" means the United States Secretary of Education;
(22) "AlaskAdvantage" means the service mark
				registered by the commission under
				15 U.S.C.
				1051 (Trademark Act) and used to describe
				financial aid and higher education outreach programs and services provided by the
				commission;
(23) "FICO" means Fair,
				Isaac, and Co. Inc., a developer of credit risk scores used by credit grantors in
				the lending process;
(24) "PSE" means
				the Professional Student Exchange program of WICHE;
(25) "WICHE" means the Western Interstate
				Commission for Higher Education;
(26)
				"Stafford loan" means a federal loan authorized under
				20
				U.S.C. 1071-
				1078.
(27) "vocational program'; or "vocational
				certificate program," means a career and technical course of study in a
				recognized occupation leading to a terminal diploma, credential, or comparable
				certificate of completion, designed to lead to employment or occupational
				competencies.