Consolidation Loans

How does consolidation work?

During consolidation 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.

What will my interest be?

For state loan (also called alternative loans) 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?

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 consolidation loans.

Do I need to pass a credit check?

Yes, Alternative Consolidation Loans require a credit check. Borrowers who are in repayment on their Alaska Education Loans may have the 680 FICO score requirement waived if they have made all payments due in full and on time for the 18 months preceding the consolidation application. If you believe you meet this exception you must contact us and request an account review to determine eligibility.

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

There are still options available for consolidation. Contact our customer service center.