Alaska Student Loan

Alaska Student Loans

 The Alaska Commission on Postsecondary Education (ACPE) offers student loans to Alaska students through its AlaskAdvantage program.    These loans come with the following features:

  • Lowest costs for financial aid loan program
  • Loan cost reduction for Alaska's residents
  • All loans are serviced in Alaska
  • Consolidated Loan bill for Federal and State Loans
  • Zero-fee AlaskAdvantage Stafford loans

Loan Programs

AlaskAdvantage Stafford Loan

The AlaskAdvantage Stafford Loan is a lowest cost option loan. This is a federally guaranteed loan with interest subsidies available to qualified borrowers.

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

AlaskAdvantage PLUS Loan for Graduate and Professional Students

The AlaskAdvantage PLUS Loan for Graduate and Professional Students is federally guaranteed and available to graduate and professional students who have borrowed up to the Stafford loan maximum but still have unmet costs. Students can borrow up to the school's cost of attendance less other financial aid received. 

  • Low interest rate after borrower benefits
  • 3% origination fee
  • No annual or lifetime loan limits

Alaska Supplemental Education Loan

The Alaska Supplemental Education Loan is an alternative, low-cost borrowing option to supplement funding for students with costs of attendance not fully covered by the AlaskAdvantage Stafford Loan. The loan has a 3% origination fee.

AlaskAdvantage PLUS Loan

This loan also known as the Parent Loans for Undergraduate Students is federally guaranteed and available to parents of undergraduate, dependent students. Parents can borrow up to the school's cost of attendance less other financial aid received. The loan features are:

  • Low interest rate after borrower benefits
  • 3% origination fee
  • No annual or lifetime loan limits

The Family Education Loan

FEL is available to family members wishing to help students with education expenses. The loan features are:

  • Low fixed interest rate
  • 3% origination fee
  • .25% discount for auto payment

Alaska Teacher Education Loan

The Alaska Teacher Education Loan (TEL) is created to encourage Alaska high school graduates to pursue teaching careers and to teach in Alaska rural elementary and secondary schools. Loan features are:

  • 0% in-school interest, and a low repayment rate
  • Low 3% origination fee
  • Up to 100% forgiveness benefits to qualifying borrowers
  • $7,500 annual limit

A.W. "Winn" Brindle Memorial Education Loan

This Fisheries Loan Program was established in memory of A.W. "Winn" Brindle who was president of the Wards Cove Packing Company and Columbia Wards Fisheries. It is funded by private donations and contributions from fisheries in exchange for state tax credits. The loan features are:

  • 0%  in-school interest, low fixed rate during repayment
  • Low 3% origination fee
  • No annual or lifetime loan limits
  • Up to 50% forgiveness benefits to qualifying borrowers

Michael Murphy Memorial Education Loan

The Alaska Law Enforcement Loan was established as a memorial to Michael Murphy, a member of the Alaska State Troopers. The loans are funded by private donations and by voluntary annual leave contributions from state employees. The funds provide educational loans to Alaska residents for full-time undergraduate study in law enforcement related programs. The loan features are:

  • 0%  interest
  • 3% origination fee
  • Limited funding availability
  • Up to 100% forgiveness benefits to qualifying borrowers

Professional Student Exchange Loan Program

Professional Student Exchange Loan Program (PSEP) students pay resident tuition and the students' home state pays an additional support fee to the institution. Alaska students are individually responsible for paying tuition and the support fee. ACPE finances the support fee costs in the form of a PSEP loan which the student must repay upon completion of the program of study. The loan has a very low interest rate and no origination fee.

Alaska Student Loan Consolidation 

The AlaskAdvantage Alternative Consolidation Loan is available for all ACPE alternative loans.  The Federal Consolidation loan program by AlaskAdvantage allows students to consolidate their federal loans.

Alaska Loan Forgiveness

Students enrolled in professional programs such has Fisheries, Law Enforcement, Nursing and Teaching may qualify for loan forgiveness in Alaska.  Please check with a financial aid advisor to see if you qualify for the loan forgiveness.