CS for SB 94 - Education Loan Program Amendments

• Removes residency proof requirements and 60-day absence restrictions for loan consolidation eligibility, replacing them with requirement to be a previous borrower/cosigner/beneficiary or graduate of an Alaska institution.

• Eliminates specific dollar caps on annual loan amounts ($14,000 for undergraduates, $15,000 for graduates, $10,000 for career students) and instead allows the corporation to determine maximum amounts.

• Removes lifetime loan limits ($56,000 for undergraduate, $60,000 for graduate, $87,000 combined) and delegates determination of maximum total amounts to the corporation.

• Removes requirement that loan awards be based on student's on-time, half-time, and full-time status, allowing the commission greater discretion in determining award amounts.

• Requires the commission to attempt achieving economies of scale when administering both loan programs and to submit annual reports to the legislature by December 31 evaluating program benefits to Alaska students.

• Takes effect July 1, 2021.