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  Alaska Supplemental Education Loan

The Alaska Supplemental Education Loan (ASEL) provides funding to cover educational expenses for qualified students attending postsecondary institutions in Alaska, and qualified Alaska residents attending postsecondary institutions outside Alaska.

Origination fee - 5%

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 7.66%)2

Alaska presence benefit

-0.50%

Recurring online payment 3

-0.25%

Lowest rate for qualifying term

6.75%

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

N/A

$60,000
  
 Eligibility Requirements

To qualify for an Alaska Supplemental Education Loan you must:

  1. complete the FAFSA

  2. have a high school diploma or equivalent (i.e., GED)
  3. be enrolled at minimum half-time in an eligible program
  4. not be delinquent or have ever defaulted on a prior student loan or be past due in child support obligations
  5. have a credit history that includes a FICO credit score of 680 or higher, or have a cosigner who meets the 680 FICO requirement
  6. be an Alaska resident or be attending an eligible school in Alaska

Borrowers must meet all other eligibility requirements, as stated under 20 AAC 15.705.
  
 How to Apply

Apply online now to receive an immediate response to your credit check. You can also download and submit a paper application.
  
  

1  Interest rates and Borrower Benefits are subject to approval annually by the Alaska Student Loan Corporation. Interest rates on loans issued prior to the 2006/2007 academic year are variable and change annually.

2 The APR assumes a principal loan amount of $8,500, origination fee of 5%, freshman borrower, and a repayment term of 10 years. 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).