Alaska Supplemental Education Loan

The Alaska Supplemental Education Loan (ASEL) provides funding to cover educational expenses for qualified students attending postsecondary institutions in Alaska, and qualified Alaska residents attending postsecondary institutions outside Alaska. The Alaska Supplemental Education Loan can supplement funding when the cost of attendance is not covered by federal or gift aid. Review a comprehensive loan comparison of the Alaska Supplemental Education Loan and Federal Direct Unsubsidized Stafford Loan.

Origination fee - 5%

Interest Rates, Borrower Benefits, and Loan Limits

2012-2013 (Effective 7/1/2012)
Rates and Borrower Benefits The base note rate is fixed, but borrower benefits are variable and may change annually.¹	Interest Rate
Base note rate	7.20% (APR 7.39%)²
Alaska presence benefit	-0.50%
Recurring online payment ³	-0.25%
Lowest rate for qualifying term	6.45%

2012-2013
Loan Limits⁴	Annual	Aggregate
Career Training (Vocational)	$6,500	$42,500
Undergraduate	$8,500	$42,500
Graduate	$9,500	$47,500
Combined	N/A	$60,000

To Apply

Eligibility Requirements

To qualify for an Alaska Supplemental Education Loan you must:

complete the FAFSA, if required by your institution
have a high school diploma or equivalent (i.e., GED)
be enrolled at minimum half-time in an eligible program
not be delinquent or have ever defaulted on a prior student loan or be past due in child support obligations
have a credit history that includes a FICO credit score of 680 or higher, or have a cosigner who meets the 680 FICO requirement
be an Alaska resident or be attending an eligible school in Alaska

Borrowers must meet all other eligibility requirements, as stated under 20 AAC 15.705.

The Loan Application Process

Complete the ASEL application/promissory note packet. You'll get funds faster if you apply online, where you can complete your credit check instantly if you choose. If you don't have a qualifying FICO score, you may add a credit-worthy cosigner while your online

If the application is approved, ACPE will send you a loan application disclosure (LAD) that you'll need to accept. The quickest way to accept the loan is to logon to your acpe.alaska.gov account and complete the process electronically.

Your loan funds will be sent to your school based on the school's scheduled financial aid disbursement dates, but no sooner than 10 business days after you accept the LAD.

To Apply

Apply online now to receive an immediate response to your credit check. You can also download and submit a paper application or request an application by contacting Customer Service.

¹ Interest rates and Borrower Benefits are subject to approval annually by the Alaska Student Loan Corporation. Interest rates on loans issued prior to the 2006/2007 academic year are variable and change annually.

² The Annual Percentage Rate (APR) assumes a principal loan amount of $8,500, origination fee of 5%, freshman borrower, and a repayment term of 10 years. The APR does not include the effects of Borrower Benefits.

³ To receive the interest rate reduction for recurring online payment, the loan must be in repayment status.

⁴Loan amounts are prorated based on the term of attendance. For example, an undergraduate student attending for only one semester is eligible for half of the annual limit ($4,250).