Program Info
What exactly is AlaskAdvantage?
AlaskAdvantage Programs are a suite of programs, services, and products funded by the Alaska Student Loan Corporation. The Alaska Commission on Postsecondary Education delivers these programs to Alaska's students to increase access to and success in postsecondary education and training.
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Benefits / Interest Rate
What is the interest rate on AlaskAdvantage Loan Programs?
The interest rate on AlaskAdvantage loans is dependant on program type and year, for current program year rates review the education loan portion of ACPE's web site. For interest information on loans that you currently have with ACPE access your account online and review detailed loan information.
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Eligibility
Do I need to go to school in Alaska?
No. If you are currently an Alaska resident, you can benefit from the AlaskAdvantage Loan Program if attending a participating school outside of Alaska, as long as you maintain your Alaska residency.
You may qualify for expanded borrower benefits if you attend a school in Alaska, or if you reside in Alaska after you complete school. |
Do I need to be an Alaska resident?
No. You do not need to be an Alaska resident as long as you are attending a participating school physically located in Alaska. If you plan to attend a school outside of Alaska, and use the AlaskAdvantage loan program, you must be a resident of Alaska. |
What if I don’t have a credit history?
A credit check is required for AlaskAdvantage Loans. If you have no credit history, or a negative credit history, you may apply with a credit-worthy cosigner. |
What happens if my Student Aid Report (SAR) indicates that I am not eligible for federal aid (drug conviction, not registered for Selective Service, etc.)?
You may still be eligible for a state education loan, depending on the reason you are not eligible for federal aid. Please contact ACPE or your school’s financial aid office to discuss your particular situation. |
How much can I borrow?
You may borrow up to your costs of attendance as certified by your school for tuition, fees, living expenses, books and supplies, transportation, and certain other approved costs, up to the annual limit for your grade level. Always borrow responsibly, take out the lowest amount you need, to minimize your debt. |
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Loan application process
How early do I need to apply for AlaskAdvantage loans?
You should apply for an AlaskAdvantage loan after your schools financial aid office has determined your unmet financial need. Allow a minimum of three weeks for the loan approval and disbursement process. With approval from your school, we will process your application even if it comes in after your school term begins, as long as your academic period not ended. |
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What is the process for getting an AlaskAdvantage Loan?
Apply for AlaskAdvantage Loans by completing a loan application with ACPE. To keep borrowing costs as low as possible, always apply for the federal Direct Stafford Loan before you apply for the Alaska State Education Loans.
In some cases, your school may allow you to apply for the an Alaska state loan without completing the FAFSA. ACPE strongly recommends you complete the FAFSA to get the best possible financial aid package. To complete an AlaskAdvantage loan application, you have the following options:
- complete an online application
- print out and complete a loan application
- request a paper application from ACPE customer service.
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What are the requirements for a reference on a loan application?
It is best if your first reference is a relative that does not live with you. A reference should be someone you stay in contact with, and would be able to verify your contact information if necessary. |
What is an MPN and how does it work?
A Master Promissory Note (MPN) is the contract between you and the lender. By signing it you agree to the terms and conditions under which you are borrowing. |
What is a co-signer?
A cosigner on a loan assumes responsibility for the loan if the borrower should fail to repay the loan. A cosigner has an independent responsibility to repay the loan and to notify ACPE in the event of changes affecting the endorser/cosigner or the student borrower.
ACPE may notify the endorser of delinquency in repayment, deferments granted, or any repayment agreement that increases the amount due on the loan. You may elect to provide an endorser/cosigner to ensure your application is found to be creditworthy. If you elect to provide an endorser/cosigner in support of your loan request, that person will continue to be a responsible party for the loan even in the event you meet the credit conditions independently. |
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Managing my ACPE accounts on online
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How do I set up a web payment? A recurring web payment?
- Register or login to your account on ACPE's web site.
- Select make a payment
- Select “click here to schedule a new payment.
- Create a bank record by providing information for the bank account that you would like to make the payment(s) from.
- If you would like to set up recurring web payments choose recurring all loans from the payment type drop down menu.
- Select a date between the 1st and the 28th (effective date cannot be in the past).
- Select the bank account you would like your payment to come out of and authorize the payment.
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What is E-sign?
E-sign or the term electronic signature is a method of signing an electronic message that:
- identifies and authenticates a particular person as the source of the electronic message;
- and indicates such person's approval of the information contained in the electronic message.
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I have or have had a loan(s) with the ACPE and I would like to co-sign for a friend or family member, how do I register as a cosigner?
- Register and then select “I currently have a loan(s) with ACPE and would like to access my account”
- choose the “Apply for Loan” tab and select “Co-Signer Applications.
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Why won't the system accept my password?
Passwords need to contain, 1-upper case, 1-lower case, 1-number, and be at least 7 characters in length. Example: Alaska49 |
Why won't customer service give me the user name, or password for an account I created for my child, spouse etc.?
Privacy laws do not allow a parent, spouse, friend, or relative to create or access an account that does not belong to them. If your friend or family member needs assistance managing an account please have them contact ACPE’s customer service center directly at 1-800-441-2962. |
How do I sign up to receive my billing statements electronically?
ACPE has not implemented paperless billing. You are able to register on ACPE’s web site to apply for loans, view your account information, and pay you bills online. |
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How will I know if my loan has been approved?
You will receive an award letter with in 30 days of completing your application.
You can check the status of your application online by using the Application Tracker. After logging in you will find the application tracker on the home page, if your application is in progress.
Once your application has been approved you can view the status of your loan through manage my account feature on ACPE’s web site. Select account information to view loan status information.
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My application has been processing for 2 weeks or longer, how long does it take to process?
There are many factors that contribute to the length of time an application will take to process through the system. If you are unable to view the application tracker on your account home page on ACPE’s web site your application may have already been processed.
If your application has been approved you can view the status of your loan through manage my account feature on ACPE’s web site. Select account information to view loan status information.
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As a cosigner is it possible for me to view the loans I co-signed, and the status associated with each loan?
You must register or login to your ACPE account to view loans that you have cosigned for. Once logged in you can view cosigned loans through the manage my account feature on ACPE’s web site. Loans which you have cosigned for will appear under cosigner loans.
Accounts listed under Cosigner Loans do not include your individual loans (which you can view under the Loans selection). |
How do I unregister, or delete my information from AlaskAdvantage Online?
If you would like to unregister on the ACPE's web site you must login, once logged in access user credentials by selecting your user name, then select unregister. |
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FAFSA (Free Application for Federal Student Aid)
What is the FAFSA?
The FAFSA is a form that must be filled out by every student seeking federal financial aid, including grants and loans, to attend any school in the nation. You can get the form at FAFSA online, from your high school or from any college or university.
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Repayment
What will my payments be when I enter repayment? How are they calculated?
Your monthly payment amount will be based on the amount of your debt, interest information, and the allowable repayment period (how long you have to repay the debt).
FinAid.org offers a variety of financial tools to help you manage your college expenses and education loans. Specifically, there is a loan payment calculator that calculates estimated monthly payment.
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Is it possible to stop payments if I’m unemployed or experiencing financial difficulties?
If you are having trouble making payments on your student loans, the Alaska Commission on Postsecondary Education (ACPE) may be able to help. Read more about repayment assistance...
Don't wait until your account becomes delinquent or in default. If you are unable to make a payment, contact ACPE as soon as possible to discuss options that could adjust your repayment schedule and lower, or even postpone your monthly payments.
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Can I defer payments while in school?
Yes. Deferments on loans to students are automatic for the entire time you remain in school on at least a half-time basis. A variety of deferments are also available if you experience certain hardships while in repayment. One of the greatest benefits of the AlaskAdvantage programs is flexibility; that is, greater options are available to respond to a change in a borrower’s situation, whether in school or experiencing financial hardship. |
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Consolidation Loans
How does consolidation work?
You take out a new loan that pays off the eligible underlying loans, so you have just one loan with a single, fixed interest rate.
Recent program changes have resulted in the suspension of the AlaskAdvantage federal consolidation loan option effective May 1, 2008. |
What will my interest be?
For alternative consolidation loans, the interest rate is a fixed rate of interest which corresponds to the program year in which the application is received. The interest rate is set annually for each new program year, July 1 through June 30. The interest rate for the upcoming program year will be announced no later than June 30. |
What options do I have if I want to get a federal consolidation loan during the period that ACPE has suspended participation in this program?
Borrowers wishing to consolidate federal Stafford loans should consolidate with the Federal Direct Loan program. |
Can I consolidate my Alaska Student Loans with federal loans?
Federal and state laws do not allow us to consolidate your Alaska state education loans with federally-guaranteed loans. |
Do you offer spousal consolidation loans?
No, ACPE does not offer spousal to consolidation loans. |
Do I need to pass a credit check?
Yes, Alternative Consolidation Loans will require a credit check. |
Are there advantages to the AlaskAdvantage Alternative Consolidation Loans?
Yes. No origination fee is charged and borrowers eligible for the AlaskAdvantage benefits can enjoy significant savings over the life of the loan. |
What if I defaulted on the loans I want to consolidate?
There are still options available for consolidation. |
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Tax-Related Documents
Is it possible to view my 1098-E Statement of Student Loan Interest online?
If you have paid interest on your student loans in 2009 that information is now available on ACPE's web site(the 1098-E Form is not). To view 2009 tax information, register or login to your ACPE account and select “Account Information,” then select the “Tax Information” tab. If you have paid interest in 2009, interest information will be displayed. |
What is a 1098-E?
A 1098-E Statement of Student Loan Interest provides the amount of interest paid on your loan during the past year. You may be eligible for an income adjustment on your federal taxes as a result of interest that you paid on your student loan. For more information, please contact your tax advisor or refer to IRS Publication 970, Tax Benefits for Education. |
I received a 1099-C in the mail. What is it?
Permanent disability, death, or other circumstances may result in a student loan lender writing off all or a portion of a borrower's debt. If the amount written off is greater than $600, the federal government requires the lender to file a 1099-C, Cancelation of Debt. The total written off may be taxable. For more information, contact your tax adviser or refer to IRS Publication 525, Taxable and Nontaxable Income. |
I did not receive my student loan tax forms. How can I get them?
Appropriate tax documents are mailed automatically to the address listed in our records. If you are in repayment and paid interest on your loan last year, or had at least $600 of your balance written off, you should have received your forms by mail. If you did not, please contact customer service, and update your contact information if necessary. |
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My school did not send a Form 1098-T to me. What should I do?
The Internal Revenue Service (IRS) requires eligible institutions to furnish a 1098-T, Tuition Statement, to each student. The IRS defines an eligible educational institution as a college, university, vocational school, or other post-secondary educational institution that is described in section 481 of the Higher Education Act of 1965 as in effect on August 5, 1997, and that is eligible to participate in the Department of Education's student aid programs.
For specific information on qualifying educational tax deductions and credits see IRS Pub 970, Tax Benefits for Education and contact your tax adviser. If you believe your school is required by IRS to provide a 1098-T, contact information for the IRS can be found on their web site at http://www.irs.gov/.
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Are there tax benefits associated with AlaskAdvantage loans?
Yes. The federal government has authorized various tax relief benefits for individuals pursuing higher education. Check with your tax adviser or the IRS web site for the latest details. |
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Avoiding Default
What is default?
Default results if you fail to make a series of scheduled minimum monthly payments on your loan account. Negative consequences of default may begin when a loan becomes 180 days past due. Default and delinquency cause long-term damage to your credit record. |
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What happens if I default on my loan?
If you default on your loan, any or all of the following may happen:
- The entire loan balance (principal and interest) can be immediately due and payable
- You will lose your deferment options
- You may be charged late fees and collection costs
- Your loan(s) status will be reported to national credit bureaus, including delinquency and default
- Your Alaska Permanent Fund Dividend (PFD) may be garnished and applied to your loan(s)
- Your wages may be garnished to repay your loan(s)
- You may not be able to renew your professional license
- You may lose eligibility to obtain educational aid in the future
- Your school may withhold copies of your transcripts
- Your account may be referred to the loan guarantor for additional collection action, which may include income tax garnishment, being sued for the balance of your loan and other collection type activities.
- Your account may be referred to a collection agency
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How can I avoid default?
- Read the terms of your promissory note carefully to know your obligations and options
- Read and respond to any correspondence you receive from ACPE
- Notify ACPE if you change your address or phone number
- Notify ACPE if you leave or return to school
- Contact us immediately if you are unable to make your scheduled monthly payment
- Learn about and use the deferment options entitled to you
Don't wait until your account becomes delinquent or in default. If you are unable to make a payment, contact ACPE as soon as possible to discuss options that could adjust your repayment schedule and lower, or even postpone your monthly payments.
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Secure Email from IronPort
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What is Encrypted E-mail?
Secured email through encryption is the process of scrambling data so it cannot be read without a secret decryption. It ensures privacy by keeping information concealed from anyone who is not authorized to see it. Encrypting e-mail allows secure communication between the sender and recipient.
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Why are we implementing secure messaging?
With the ever increasing threat of email interception and identity theft the state of Alaska has implemented a policy requiring that all email communications containing personal information be sent encrypted. To help implement this important and practical security measure, we are using a secure messaging service (Cisco IronPort) to protect our email and ensure all personal information remains confidential.
When the IronPort filter/detection system spots sensitive information, such as a Social Security number or date of birth (when accompanied by the acronym DOB) in an outgoing message, it will automatically encrypt it and notify the recipient a secure email message is waiting.
If you have any questions about email encryption or viewing secure email through Cisco IronPort please see the tutorial and user guide links above.
Important:
- ACPE will never send an email requesting secure information such as a password or social security number.
- ACPE will never ask you to verify account information by clicking on a link from an email.
ACPE encourages you not to open emails from suspicious or unknown sources. If you are concerned about the validity of an email that reports to originate from ACPE or AlaskAdvantage Programs please contact customer service.
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