Consolidation Loans

How does consolidation work?

You take out a new loan that pays off the eligible underlying loans, so you have just one loan with a single, fixed interest rate.

Recent program changes have resulted in the suspension of the AlaskAdvantage federal consolidation loan option effective May 1, 2008.

What will my interest be?

For alternative consolidation loans, the interest rate is a fixed rate of interest which corresponds to the program year in which the application is received. The interest rate is set annually for each new program year, July 1 through June 30. The interest rate for the upcoming program year will be announced no later than June 30.

What options do I have if I want to get a federal consolidation loan during the period that ACPE has suspended participation in this program?

Borrowers wishing to consolidate federal Stafford loans should consolidate with the Federal Direct Loan program.

Can I consolidate my Alaska Student Loans with federal loans?

Federal and state laws do not allow us to consolidate your Alaska state education loans with federally-guaranteed loans.

Do you offer spousal consolidation loans?

No, ACPE does not offer spousal to consolidation loans.

Do I need to pass a credit check?

Yes, Alternative Consolidation Loans will require a credit check.

Are there advantages to the AlaskAdvantage Alternative Consolidation Loans?

Yes. No origination fee is charged and borrowers eligible for the AlaskAdvantage benefits can enjoy significant savings over the life of the loan.

What if I defaulted on the loans I want to consolidate?

There are still options available for consolidation.