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Borrower Benefits

Borrower Benefits are cost reductions, typically applied as quarterly or annual account credits or interest rate reductions, to reduce the borrower-paid costs whenever the Alaska Student Loan Corporation (ASLC) has the financial capacity to do so.

Benefits are variable, meaning that a new benefits package, if any, must be approved each program year. Borrowers who do not maintain a current repayment status may forfeit some or all benefits.

The following rates and benefits are for the 2017-2018 academic year.

Alaska Supplemental Education Loan (ASEL)1

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In School

Repayment

Fixed Interest Rate 5.75% (5.48% APR) 5.75% (5.48% APR)
Borrower Benefits    
    Alaska Presence -0.50% -0.50%
    Online auto-pay   -0.25%
Lowest Rate Equivalent 5.25% 5.00%

 

 

Family Education Loan (FEL)1

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Repayment

Fixed Interest Rate 5.75% (5.75% APR)
Borrower Benefits  
    Online auto-pay -0.25%
Lowest Rate Equivalent 5.50%

 

 

A.W. "Winn" Brindle Loan

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In School

Repayment

Fixed Interest Rate 5.00% (3.35% APR) 5.00% (3.35% APR)
Borrower Benefits    
    Online auto-pay   -0.25%
Lowest Rate Equivalent 5.00% 4.75%

 

 

Professional Student Exchange (WICHE PSEP)2

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In School

Repayment

Fixed Interest Rate 5.75% 5.75% (5.53% APR)
Borrower Benefits    
    Alaska Presence   -0.50%
    Online auto-pay   -0.25%
Lowest Rate Equivalent 6.25% 5.50%

 

 

Education Loan Refinance

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Repayment

Fixed Interest Rate   4.95% (4.95% APR)
Borrower Benefits N/A  
Lowest Rate Equivalent   4.95%

 

 

Borrower Benefits

Base (note)
Rate

Alaska
Presence

Online
Auto-pay

Lowest Rate
Equivalent

 

ASEL3        
Variable Rate Loans        
   In School 3.50% N/A   3.50%
   Repayment 3.60% N/A -0.25% 3.35%
AL        
Alaska Student Loans        
   In School Varies N/A   Varies
   Repayment Varies N/A -0.25% Varies
Alaska Refinancing Loan6        
Repayment 4.95% N/A N/A 4.95%
ALL FFELP 5        
Federal Loan Program        
   In School Varies N/A   Varies
   Repayment Varies N/A -0.25% Varies

 


1The Alaska Student Loan Corporation (ASLC) Board sets the rates for ASEL and FEL loans.
2The Alaska Commission on Postsecondary Education (ACPE) sets the interest rate on PSEP Loans.
3The variable rate ASEL loans are no longer originated, but the remaining outstanding loans are eligible for borrower benefits as indicated.
5The Health Care and Education Reconciliation Act of 2010 ended the authority for state, nonprofit, and private lenders to make new federal loans after June 30, 2010. ACPE will continue servicing existing federal loans and the remaining outstanding loans are eligible for borrower benefits as indicated.
6The Alaska Student Loan Corporation (ASLC) sets the interest rate on the Alaska Education Loan Refinancing Program. Notice: Student Loan Corporation reduces 2016-17 (pilot program) interest rates. Learn more here.

 

 

Alaska Presence

The Alaska Presence benefit is a cost reduction for qualifying borrowers who attend an Alaska school or who live in Alaska while they repay their loans, and are not delinquent. This benefit does not reduce your loan(s) interest rate, but is applied as an annual credit to your account, effectively reducing your cost of borrowing from ACPE. This reduction is not available for Alaska Refinancing Loans.

Online Auto-pay

The Online Auto-pay benefit is a cost reduction for borrower's current in repayment that use ACPE's online automatic payment method. This benefit is an interest rate reduction and will reduce the note rate of your qualifying loan(s). This reduction is not available for Alaska Refinancing Loans.