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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 used to distribute federal student loans with added layers of benefits for their citizens.

Some of the unique features that were offered were:

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. With the cancellation of the FFELP and the switch 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)

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.

On May 10, 2010, the Alaska Merit Scholarship will become the main state scholarship program overseen by the Alaska Commission on Postsecondary Education.

The scholarship is based on the cost of tuition at an Alaskan university. There are three levels of awards:

2.5 GPA = 50% tuition scholarship= $2,378
3.0 GPA = 75% tuition scholarship= $3,566
3.5+ GPA = 100% tuition sholarship= $4,755 (Also required are an ACT 25 and a SAT (math and verbal) of 1680

The curriculum requirements are the same as those for graduation. However after 2011, 4 years of math and 4 years of science may be required.

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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