The Alaska Student Loan Corporation (ASLC) is a public corporation and governmental instrumentality, but has a legal existence independent of and separate from the State. The ASLC is governed by a Board of Directors, consisting of two members of the Commission on Postsecondary Education (ACPE), the Commissioners of Revenue, Administration, and Commerce, Community, and Economic Development. The members of the board who represent ACPE serve on the board at the pleasure of the Governor, subject to their incumbency. The supervision of the administration of ASLC activities is delegated to the Executive Officer, who is also the Executive Director of the Commission. The board's primary responsibilities are to oversee and authorize the funding of ASLC education programs, oversee investments and set investment policies, loan fees, interest rates and benefits.