Alaska Commission on Postsecondary Education

• The AlaskAdvantage General Benefit- a rate reduction ranging from -0.80% (in-school) to -0.50% (repayment) for Stafford loans and a flat -1.00% for graduate and parent PLUS loans.
• Alaska Presence Benefit- a flat -1.00% rate reduction
• Direct Payment Benefit- a flat -0.25% rate reduction.
• Timely Benefit After First 48 Repayment Months- a -2.00% rate reduction for Stafford loans and a -1.00% reduction for graduate and parent PLUS loans.

Students were allowed to combine these benefits to significantly reduce college loan debt. In 2010, the federal student loans program eliminated the FFELP and switched to federal Direct student loans, these benefits will no longer be available.

But, 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)

• The scholarship is based on the cost of tuition at an Alaskan university. There are three levels of awards:
1. 3.5+ GPA = 100% tuition sholarship= $4,755 (Also required are an ACT 25 and a SAT (math and verbal) of 1680
2. 3.0 GPA = 75% tuition scholarship= $3,566
3. 2.5 GPA = 50% tuition scholarship= $2,378
• The curriculum requirements were the same as those for graduation. However beginning with 2011, 4 years of math and 4 years of science are required.

Also, remember to check for your Alaska FAFSA deadline

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