Loan Comparison Information

2012-2013 Student Education Loans

		Alaska Supplemental Education Loan (ASEL)	Federal Direct Unsubsidized Stafford Loan1
About the Loan	Loan Type	State	Federal
	Lender	Alaska Student Loan Corporation	Federal Direct Loan Program
	Servicer	Alaska Commission on Postsecondary Education	Varies
	Annual Loan Limits	$6,500-$8,500 (depending on program)	$5,500-$12,500 (depending on program)2
Borrowing Costs & Benefits	Fixed Interest Rate	7.20%3	6.80% (unsubsidized)
	APR4	7.39%	Not disclosed
	Fees	5.00% origination fee	1.00% origination fee
	Borrower Benefits5	-0.25% online automatic payment -0.50% Alaska Presence Benefit	-0.25% electronic debit account (EDA) automatic payment
	Lowest Rate	6.45%	6.55%
Eligibility	Eligible Borrowers	US citizen or eligible non-citizen Alaska resident or a student at eligible Alaska school Meet school FAFSA requirements Meet all state ASEL Eligibility criteria Have a high school diploma or equivalent (GED), or a recognized Ability To Benefit alternative Enroll at least half time in a career/technical education certificate or degree-seeking program of study, including some programs not eligible for federal aid	US citizen or eligible non-citizen Student at any Title IV eligible school nationwide File a FAFSA Meet all federal  Student Aid Eligibility criteria Have a high school diploma or equivalent (GED) Enroll at least half-time in a program eligible for federal aid
	Credit Requirements	680 FICO or eligible cosigner	None
Repayment	Start	Six-month grace period after leaving school	Six-month grace period after leaving school
	Plans	Standard, modifications available in specific circumstances May qualify for repayment assistance  Consolidation available	Standard, extended, graduated, income-sensitive, and income-based – see complete list Qualifying students may be eligible for loan forgiveness Consolidation available
	Terms	10 years	10-25 years

This chart provides summary information only. Loan applicants should read all loan disclosures carefully before entering into a financial obligation.

¹Students with qualifying financial need may qualify for a lower-cost Federal Direct Subsidized Stafford Loan.

²Loan limits include subsidized and unsubsidized amounts, combined; see Student Aid on the Web for more details.

³The rate is set by the Alaska Student Loan Corporation Board.

⁴APR = Annual Percentage Rate. ASEL APR Assumptions: A principal loan amount of $8,500, origination fee of 5%, freshman borrower scheduled for graduation in four years, with repayment beginning after a 6-month grace period. The APR does not include the effects of Borrower Benefits.

⁵Borrower Benefits for state loans (ASEL and FEL) are typically applied as quarterly or annual account credits or rate reductions to reduce the borrower-paid costs whenever the Alaska Student Loan Corporation has the capacity to do so. Benefits are variable, meaning that a new benefits package may be offered each program year. Borrowers who are delinquent or default on their loans may forfeit some or all benefits. As of 2012, Borrower Benefits paid exceed $30 million.