In this chapter,
(1) “AlaskAdvantage” means the service mark registered by the commission under 15 U.S.C. 1051 (Trademark Act) that is used to describe financial aid and higher education outreach programs and services provided by the commission;
(2) “approved federal family education loan institution” means a postsecondary education institution in this state or outside of this state that is approved for participation in the federal guaranteed student loan program;
(3) “commission” means the Alaska Commission on Postsecondary Education;
(4) “corporation” means the Alaska Student Loan Corporation created in AS 14.42.100;
(5) “education loan” means a loan made to finance the cost of attendance in a postsecondary education program that is made by the commission or is a loan received through the federal guaranteed student loan program;
(6) “federal guaranteed student loan program” means the programs of the United States government making postsecondary educational financial aid available under 20 U.S.C. 1070 - 1099c-2, as amended;
(7) “on-time student” means an undergraduate who is enrolled and is in regular attendance at classes for 15 or more semester hours of credit or the equivalent during the semester; any combination of semester hours of credit or the equivalent aggregating to the requisite number of semester hours and undertaken during a semester at two or more public or private institutions of higher education constitutes on-time student status.
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