State statute and regulation 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.
To participate in Alaska Education Loan programs, an institution must be accredited by an agency recognized by the U.S. Department of Education or if non-accredited authorized for two years prior to applying for participation in the Alaska Education Loan Programs.
A non-accredited authorized school that has been authorized for two years may participate in the Alaska Education Loan programs by completing a Program Participation Agreement and providing 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.