(a) In a school year, the corporation may finance a loan to an eligible borrower under AS 14.43.170 - 14.43.175 attending an eligible postsecondary institution not to exceed
(1) $14,000 to an eligible undergraduate student attending a college or university;
(2) $15,000 to an eligible graduate student attending a college or university;
(3) $10,000 to an eligible student attending a career education program.
(b) The corporation may finance loans made under AS 14.43.170 - 14.43.175 to a borrower in an amount that is not more than
(1) a total of $56,000 for undergraduate study;
(2) a total of $60,000 for graduate study; or
(3) a combined total of $87,000 for undergraduate and graduate study.
(c) To maintain a loan award under AS 14.43.170 - 14.43.175, the borrower must continue to be in good standing as determined by the institution and approved by the commission.
(d) The commission shall determine a borrower's loan award amount for a specific school year based on a student's on-time, half-time, and full-time student status and may not exceed the limits established in this section or the borrower's costs of attendance.