Eligibility

Do I need to go to school in Alaska?

No. If you are currently an Alaska resident, you can benefit from the Alaska state education loans if attending a participating school outside of Alaska, as long as you maintain your Alaska residency.

You may qualify for expanded borrower benefits if you attend a school in Alaska, or if you reside in Alaska after you complete school.

Do I need to be an Alaska resident?

No. You do not need to be an Alaska resident as long as you are attending a participating school physically located in Alaska. If you plan to attend a school outside of Alaska, and use the Alaska state loan, you must be a resident of Alaska.

What is a credit score?

A credit score is a number derived from information in your national credit bureau file, it represents the likelihood that you will be able to repay a loan as required. A credit score does not consider employment or income. Your credit score is based on your previous repayment history, the relationship between available credit and your repayment obligations.

ACPE uses the FICO score, provided by the Experian credit bureau. A FICO score is a proprietary credit score, developed by Fair Isaac Company (FICO). FICO scores range from 300-850, the higher the score the better. Read more about credit scores by visiting myfico.com.

What if I don't have a credit history?

Alaska law specifically requires that Alaska Supplemental Education Loan (ASEL) applicants have a credit history that demonstrates the ability to repay a loan obligation. ACPE requires a FICO score of 680 to be eligible for the ASEL. If you do not have a credit score of 680 or greater, you may not have used credit enough to have established the required FICO score. Don't worry though, you also have the option of applying with a cosigner that has a credit score of 680 or higher.

What is a cosigner?

A cosigner on a loan assumes responsibility for the loan if the borrower should fail to repay the loan. A cosigner has an independent responsibility to repay the loan and to notify ACPE in the event of changes affecting the cosigner or the student borrower.

ACPE may notify the cosigner of delinquency in repayment, deferments granted, or any repayment agreement that increases the amount due on the loan. You may elect to provide an endorser/cosigner to ensure your application is found to be creditworthy. If you elect to provide an endorser/cosigner in support of your loan request, that person will continue to be a responsible party for the loan even in the event you meet the credit conditions independently.

How much can I borrow?

You may borrow up to your costs of attendance as certified by your school for tuition, fees, living expenses, books and supplies, transportation, and certain other approved costs, up to the annual limit for your grade level. Always borrow responsibly by taking out the lowest amount you need to minimize your debt.