State statute and regulations govern Alaska Education Loan Funds; institutions administering funding are subject to the requirements relative to participation outlined in AS 14.43 and 20 AAC 15.
In order to be eligible to participate in Alaska Education Loan programs, an institution must be operating for at least two years prior to applying for participation. Institutions applying for participation must be accredited by an agency recognized by the U.S. Department of Education or, if non-accredited, must have a status with the Alaska Commission on Postsecondary Education (ACPE).
Flight schools must be certified under 14 C.F.R. Part 141 or Part 142.
To apply for participation, complete a Program Participation Agreement and provide the following documentation:
Copy of the current school catalog
A completed Program Participation Agreement form
Audited financial statements for the most recently complete fiscal year documenting that the institution is financially sound. Audited financial statements must include at a minimum:
- an accountant's opinion letter;
- a balance sheet;
- an income statement;
- a statement of cash flows; and
- notes to the financial statements.