Eligibility
- Borrower and student must be Alaska residents
- Student must be enrolled at least full-time
- Borrower credit history does not demonstrate a chronic inability or unwillingness to pay an extension of credit
- Meet all other requirements under AS 14.43.172 and 20 AAC 15.705
Interest Rates
The FEL has a fixed interest rate which means once your rate is set, it remains the same throughout the life of your loan. Unlike other private lenders, there are no origination or prepayment fees on the FEL. The interest rates for the 2025/2026 academic year range from 6.25% to 6.50%.
Learn more about how we determine your interest rate – unlike for-profit lenders, we tell you exactly what criteria we will use
See prior rates here
Loan Limits
Program
|
Annual
|
Aggregate
|
| Undergraduate
|
Full-time* enrollment - up to $24,000
|
$96,000
|
| Graduate
|
Full-time* enrollment - up to $24,000
|
$96,000
|
| Career Training
|
Full-time* enrollment - up to $24,000
|
$96,000
|
Note: You may receive up to $96,000 for combined undergraduate, graduate and career training programs. Family members who have borrowed up to the cumulative maximum may receive additional loans if the current total principal balance owed, including the new loan amount, does not exceed the cumulative maximum.
Cumulative maximums include any prior ACPE loans paid-in-full and outstanding Alaska Supplemental Education Loans, Family Education Loans, Memorial Education Loans and Teacher Education Loans.
*An undergraduate student enrolled in a minimum of 12 semester credit hours or equivalent per academic term. A graduate student enrolled in a minimum of 9 semester credit hours or equivalent per academic term. A student enrolled in a Career & Technical Education (CTE) program of at least 30 clock hours per week for a minimum of 6 weeks. For flight school, students must log a minimum of 17 hours per month or 51 hours for a three-month period.