Under AS 14.43.161 - 14.43.168, the commission may make loans subject to the following restrictions:
(1) a loan amount awarded may not exceed the maximum amount for the school year as established by the federal guaranteed student loan program;
(2) a borrower may not be awarded a loan amount that would, when aggregated with other loans awarded to the student under the federal guaranteed student loan program, exceed the maximum total amount allowable for each borrower that is established by the federal guaranteed student loan program;
(3) the loan award may not exceed the total cost of attendance at the postsecondary institution less other forms of financial aid awarded to the borrower to pay for those costs.