Your state's student loan debt solution!
You may be able to qualify even if you did not finish your degree program.
Once your Refi application is approved, we'll send you a Loan Application Disclosure (LAD). You must accept the disclosure before we can finalize the refinancing process. The quickest way to accept your loan terms is electronically, through your online account.
After you accept your LAD, ACPE will pay off your loans with your lender(s). You'll be notified when the payment is sent. Please continue making payments with your current lender until you can verify they've received ACPE's pay off check.
The Alaska Refinancing Loan has a fixed interest rate of 5.2% (5.2% APR). A "fixed interest rate" will never change over the life of the loan.
APR stands for the Annual Percentage Rate and is the yearly cost of borrowing your loan, shown as a percent of the amount you borrowed.
To qualify for the Alaska Refinancing Loan, you must have a FICO score of at least 720, or an eligible cosigner. The online application process gives you the opportunity to send an instant request to a potential cosigner if you don't have the required FICO score.
You must also be employed, or be able to document a regular source of income.
Visit our Understanding Credit page to learn more about FICO scores, credit reports, and establishing good credit.
Borrowers who have little or no credit history may have difficulty qualifying for a student loan. ACPE encourages borrowers who do not meet the credit requirements to consider a cosigner for their student loan.
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 or any changes in the loan terms that increases the amount due on the loan. You may elect to provide a cosigner to ensure your application is found to be creditworthy. If you elect to provide a 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.
Repayment terms are offered in 5-, 10-, or 15-year plans. Your monthly payment amount will be based on your total debt and term length, subject to a minimum payment of $100.00 a month.
Even though refinancing may offer many potential benefits, be sure you understand what you're giving up – even a lower payment may not be worth the loss of certain benefits afforded to federal Direct and/or Stafford loan borrowers.