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 Alaska Family Education Loan

To help cover education expenses for a student, family members, such as a spouse, parent, or grandparent, can take out the Alaska Family Education Loan. The Alaska Family Education Loan can be an alternative or a supplement to loans under the Federal Direct Program, such as the PLUS loan.


2011-2012

Rates and Borrower Benefits

The base note rate is fixed, but borrower benefits are variable and may change annually.1

Interest Rate

Base note rate

7.50% (APR 8.63%)2

Recurring online payment 3

-0.25%

Lowest rate for qualifying term

7.25%

 

2011-2012

Loan Limits 4

Annual

Aggregate

Career Training (Vocational)

$6,500

$42,500

Undergraduate

$8,500

$42,500

Graduate

$9,500

$47,500

Combined

$60,000
 Eligibility Requirements - Borrower

To qualify for an AlaskAdvantage Family Education Loan you  must:

  1. be a U.S. citizen or eligible non-citizen, and an Alaska resident
  2. not be delinquent or have ever defaulted on a prior student loan or be past due in child support obligations
  3. not have a credit history that demonstrates chronic inability or unwillingness to pay an extension of credit, or have a credit-worthy cosigner
  4. within the preceding five years, not have had an education loan written off for any reason except for a discharge in bankruptcy
  5. have complied with any applicable military selective service registration requirements

Apply online now to receive an immediate response to your credit check. You can also download and submit a paper application or request an application from the Juneau office.

   Download Applications 

  
 Eligibility Requirements - Student

To qualify for an AlaskAdvantage Family Education Loan the student must:

  1. attend an eligible postsecondary institution

  2. be enrolled full-time in a career vocational-technical program or an associate, baccalaureate, or graduate degree program
  3. not be delinquent or have ever defaulted on a prior student loan or be past due in child support obligations
  4. have complied with any applicable military selective service registration requirements under the Military Selective Service Act. ACPE will automatically register you if you are not already registered when you apply.
  5. be a spouse, child, step child, foster child, or grandchild of the borrower

Students can add their signature online.

Student Signture
  
  

1  Interest rates and Borrower Benefits are subject to approval annually by the Alaska Student Loan Corporation.

2  The APR assumes a principal loan amount of $8,500, origination fee of 5%, and a repayment term of 10 years, with repayment beginning immediately after the loan is fully disbursed. The APR does not include the effects of borrower benefits.

3 To receive the interest rate reduction for recurring online payment, the loan must be in repayment status.

4 Loan amounts are prorated based on the term of attendance. For example, an undergraduate student attending for only one semester is eligible for half of the annual limit ($4,250).