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  Alaska Alternative Consolidation Loan

The Alternative Consolidation Loan allows students to consolidate all current ACPE alternative student loans into a single fixed-rate loan. Depending on when you took out your alternative loans, the interest rates you are now paying may be less than the consolidation interest rate. Compare the terms and interest rates of your current loans with the consolidation interest rate before deciding if consolidation is right for you.

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 7.50%)2

Recurring online payment 3

-0.25%

Lowest rate for qualifying term

7.25%
  
 Eligibility

To qualify for an Alternative Consolidation Loan you must:

  1. have a minimum of $3,500 of eligible debt to consolidate

  2. have a credit history that includes a FICO credit score of 680 or higher; or have made payments in full and on time for the 18 months preceding the consolidation loan application

  3. not be more than 29 days delinquent on any loan and voluntarily made the majority of payments

Borrowers must meet all other eligibility requirements, as stated under 20 AAC 15.174.
  
 How to Apply
You may 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 Annual Percentage Rate (APR) assumes a principal loan amount of $10,000 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.