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  Teacher Education Loan

The Teacher Education Loan provides funding to cover education expenses for Alaska high school graduates nominated by rural school districts to pursue a degree in elementary or secondary education. Borrowers may be eligible for up to 100% forgiveness of their debt if they return to Alaska and teach in a rural area.

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

In-School Period

Repayment Period

Base note rate

0%
(2.17% APR2)

7.50%
(7.5% APR2)

Recurring online payment 3

N/A

-0.25%

Lowest rate for qualifying term

N/A

7.25%

 

 

2011-2012

Loan Limits

Annual

Aggregate

Undergraduate

$7,500

$37,500

 
  
 Eligibility

To qualify for an AlaskAdvantage Teacher Education Loan you must:

  1. be nominated by a qualifying Alaska school district
  2. be a U.S. citizen or eligible non-citizen, and an Alaska resident;
  3. meet criteria set by the nominating school district
  4. not be deliquent or have ever defaulted on a prior student loan or be past due in child support obligations
  5. not have a credit history that demonstrates chronic inability or unwillingness to pay an extension of credit, or have a credit-worthy cosigner;
  6. graduate from an Alaska public or private high school
  7. be enrolled or intend to enroll in a four-year bachelor degree program in elementary or secondary teacher education, or enrolled in a fifth-year teacher certification program on a full-time basis.
  8. have complied with any applicable military selective service registration requirements.

 
  
 How to Apply

Rural school districts annually nominate Alaskans for the Teacher Education Loan based on high school academic performance and the students' intent to teach in a rural Alaska school.

 

Teacher Education Loan application forms are sent only to qualified nominees.

 

Applications must be completed and returned by July 1.  

 

Only rural school districts nominate students.  Rural is defined as:

 

A) a community having a population of 5,500 or less, and not on the road or rail system to Anchorage or Fairbanks; OR

B) a community having a population of 1,500 or less, and connected by road or rail system to Anchorage or Fairbanks.


 
  
  

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

2 The APR assumes a freshman borrower with a principal loan amount of $7,500 an origination fee of 5%, 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.