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Family Education Loan (FEL)

5.75% - 6.00% APR (5.75% - 6.00%)



 


The Alaska Family Education Loan is a low-cost option for families to help cover education costs. The decision to pursue postsecondary education often involves various family members. With our Family Education Loan, family members may be eligible to borrow on behalf of a student:

  • Spouse
  • Parent
  • Step-Parent
  • Foster Parent
  • Grandparent

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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
 

Loan Limits

Program
Annual
Aggregate
Undergraduate On-time*enrollment - up to $14,000
Full-time enrollment - up to $12,500 		$56,000
Graduate Full-time enrollment - up to $15,000 $60,000
Career Training Vocational - up to $10,000 per certificate program.  Programs must be at least 180 hours over a period of not less than six weeks and result in a terminal certificate.

Flight school - up to $10,000 per program. Programs must log a minimum of 17 hours per month or 51 hours for a three-month period and result in a terminal certificate. 		$56,000


Note: You can receive additional loans, even if you have exceeded the initial aggregate limit, if you borrowed under this loan program for more than one student and if your account's total outstanding principal balance, including the new loan amount, does not exceed the aggregate limit.

 *enrolled in 15 or more credit hours per semester
 

* Rates are for the 2022-2023 academic year. 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

 

Before you take out the Family Education Loan, there is important loan information you should know. At ACPE, we've put this together in one spot for you to review: ACPE Loans - What You Need to Know