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AlaskAdvantage Programs
Loan Programs

AlaskAdvantageTM Stafford Loan
(federal lender code 826966)

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The AlaskAdvantage Stafford Loan is your lowest-cost option loan. The Stafford is a federally guaranteed loan with interest subsidies available to qualified borrowers. The interest rates listed below are fixed*, but borrower benefits are variable and may change annually.

  • Lowest rates in-school 5.6%, repayment 3.35% with borrower benefits
  • Origination fee paid by AlaskAdvantage Programs
  • Subsidized loans available to borrowers with qualifying financial need

2009-2010 Interest Rates with Benefits

In-School Period

Repayment Period

Base Rate1

6.80%

6.80%

Alaska Presence Benefit

-1.20%

-1.20%

Direct Payment Benefit

-0.25%

Timely Benefit After First 48 Repayment Months

-2.00%

Lowest Cost Interest Rate Equivalent

5.60%

3.35%

*Interest rates on loans issued prior to the 2006/2007 academic year vary according to the base rates set each year by the United States Department of Education. Click here for a chart of rates. All AlaskAdvantage Borrower Benefits apply to both new fixed rate loans and existing variable loans. Interest rates and borrower benefits are subject to approval annually by the Alaska Student Loan Corporation and do not apply to interest subsidized by the federal government.
 
1Benefits apply only to the interest owed by the borrower; not to subsidized loans. The base rate for undergraduate borrowers on subsidized Stafford loans is 5.6% after 7/1/09.
Borrowing Limits 
 
Dependent Students1
 
(Except students whose parents cannot borrow PLUS)

Annual Base Amount

Additional Annual Unsubsidized Loan Amount

Aggregate Loan Limits

Freshman

$3,500

$2,000

$31,000 (no more than $23,000 of which can be subsidized)

Sophomore

$4,500

$2,000

Junior or Senior

$5,500

$2,000

 

Independent Undergraduate Students and Dependent Students2

Annual Base Amount

Additional Annual Unsubsidized Loan Amount

Aggregate Loan Limits

Freshman

$3,500

$6,000

$57,500 (no more than $23,000 of which can be subsidized)

Sophomore

$4,500

$6,000

Junior or Senior

$5,500

$7,000

 

Graduate and Professional Students
(Not including PLUS)

Annual Base Amount

Additional Annual Unsubsidized Loan amount
Aggregate Loan Limits
(Grad & Undergrad Combined)

 

$8,500

Unchanged at $12,000

$138,500 (no more than $65,000 of which can be subsidized)

1 A dependent freshman whose parent has access to PLUS borrowing under the new law, will be able to borrow a total of $5,500, no more than $3,500 of which may be subsidized.

2 A dependent freshman whose parents were unable to borrow PLUS (drop to the Independent Undergraduate Student Chart) under the new law, can borrow a total of $9,500, no more that $3,500 of which can be subsidized. The amount a student can actually borrow may not exceed cost of attendance minus other assistance (or, for subsidized loans, other assistance plus the EFC). The same limits apply to a freshman who is an independent student.

Eligibility

  • Completed FAFSA
  • Minimum half time enrollment in eligible program
  • U.S. citizen or eligible non citizen
  • High school diploma and other federal requirements
  • Alaska resident or attending an eligible school in Alaska
  • Minimum loan amount is $200  

How to Apply

You can apply online or download an application. Before you apply for loan programs, we recommend you:

  1. Complete the Free Application for Federal Student Aid (FAFSA).
    You can complete the FAFSA online at http://www.fafsa.ed.gov/ anytime after January 1st.
  2. Discuss your financial aid options with your school.
    Many schools offer different financial aid programs. Your school financial aid experts will advise you regarding the options available to you. Your school may also have specific criteria and deadlines, and you may miss out if you apply without first discussing your options with your school.

 

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