(a) The corporation may offer a borrower who has received more than one education loan the option of consolidating the multiple loans into a single loan as provided in this section.
(b) For a borrower to be eligible for consolidation of a loan under this section, the borrower must apply on a form approved by the corporation and provide proof satisfactory to the corporation that the borrower
(1) physically resides in the state and has maintained a domicile in the state for not less than 12 consecutive months before submitting an application for consolidation;
(2) has not been physically absent from the state for more than 60 days in the 12 months before submitting an application for consolidation;
(3) has not declared residency in another state;
(4) has not received a benefit of residency in another state.
(c) In this section, “education loan” means a loan to finance the cost of attendance at a postsecondary institution in or outside the state.
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