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 interest rates listed below are fixed*, but borrower benefits are variable and may change annually.
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2008-2009 Interest Rates
with Benefits
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In-School Period
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Repayment Period
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Base Note Rate
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7.30% (APR 8.27% )1
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7.30% (APR 7.3%)1
|
|
Alaska Presence Benefit
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-0.50%
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-0.50%
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Direct Payment Benefit
|
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-0.25%
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Timely Benefit After First
48 Repayment Months
|
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-2.00%
|
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Lowest Cost Interest Rate Equivalent
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6.80%
|
4.55%
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*Interest rates and AlaskAdvantage 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. Click here for a chart of rates. AlaskAdvantage Borrower Benefits apply to both new fixed rate loans and existing variable loans.
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Borrowing Limits
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Annual Limit
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Lifetime Maximum
|
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Career Training (Vocational)
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$6,500
|
|
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Undergraduate
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$8,500
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$42,500
|
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Graduate
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$9,500
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$47,500
|
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Undergrad + Grad
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$60,000
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Eligibility
- FAFSA may be required
- High school diploma or equivalent (i.e., GED)
- Minimum half-time enrollment in eligible program
- Not in default on a federal or state loan
- Not have an adverse credit history (option to apply with credit-worthy cosigner)
- Alaska resident or attending an eligible school in Alaska
- Not past due in child support obligations
You can apply online, or you can download an application. Before you apply for loan programs, we recommend you:
- 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.
- Discuss your financial aid options with your school. Many schools offer different financial aid programs. Your school financial aid experts can advise you regarding which aid is suitable for 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. Inform your school of your financial aid decisions.
1The APR assumes a principal loan amount of $8500, origination fee of 3%, freshman borrower, and a repayment term of 10 years. The APR does not include the effects of borrower benefits.
