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Alaska Commission on Postsecondary Education

P.O. Box 110505
Juneau, AK 99811-0505
Phone: (907) 465-2962
Toll-Free: (800) 441-2962
Fax: (907) 465-5316
TTY: (907) 465-3143
Website: http://alaskadvantage.state.ak.us/

Alaska distributes federal student loans by adding new layers of benefits for their citizens.

The state also offers its own line of taxpayer-financed loans.

These are some of the unique features offered with federal loans:

The AlaskAdvantage General Benefit- This rate reduction ranges from -0.80% (in-school) to -0.50% (repayment) for Stafford loans and is a flat -1.00% for graduate and parent PLUS loans.

Alaska Presence Benefit- This is a flat -1.00% rate reduction.

Direct Payment Benefit- This is a flat -0.25% rate reduction.

Timely Benefit After First 48 Repayment Months- This is a -2.00% rate reduction for Stafford loans and a -1.00% reduction for graduate and parent PLUS loans.

The great thing about these benefits is that they can be added together so that they total a significant reduction.

Alaska also offers its own version of a private college loan:

the Alaska Supplemental Education Loan, which has a fixed rate. It can include the last three benefits, but these benefits are variable. They may be changed annually.

At this time with the benefits included, the rate on this loan is 4.55%.

In addition, specialty loans are offered for students. These are career specific loans. (teaching, law enforcement, fisheries)

On April 30, 2009, the Alaska state legislature passed a bill requiring students to have a credit score of 680 to get accepted for an in-state loan. Students who cannot meet this standard must get a cosigner who can.

Remember to check for the Alaska FAFSA deadline

Alaska deserves credit for offering programs that give real relief to consumers, but are flexible enough so that taxpayers are not overburdened.

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