No. As long as you're an Alaska resident, you can qualify for an Alaska education loan for attendance at a qualifying institution outside the state.

You should know that if you do attend an Alaska school, you'll receive an interest rate discount.

If you are applying for an Alaska Supplemental Education Loan and are attending a participating school physically located in Alaska, you do not need to be an Alaska resident.

If you plan to attend a school outside of Alaska, and use the Alaska Supplemental Education Loan, you must be a resident of Alaska.

If you are applying for an Alaska Refinance Loan or Family Education Loan, you must be a resident of Alaska. Cosigners for an Alaska Refinance Loan are not required to be a resident of Alaska.

A credit score is a number derived from information in your national credit bureau file, it represents the likelihood that you will be able to repay a loan as required. A credit score does not consider employment or income. Your credit score is based on your previous repayment history, the relationship between available credit and your repayment obligations.

ACPE uses a FICO credit score provided by CBCInnovis. A FICO score is a proprietary credit score, developed by Fair Isaac Company (FICO). FICO scores range from 300-850, the higher the score the better. Read more about credit scores by visiting the Understanding Credit page.

If you don't have a credit history, you can apply with a cosigner who meets the credit history requirement.

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, deferments granted, or any repayment agreement that increases the amount due on the loan. You may elect to provide an endorser/cosigner to ensure your application is found to be creditworthy. If you elect to provide an endorser/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.

Amounts vary by enrollment status and degree/certificate program.

For Undergraduate programs:

• 15+ credits/semester (on-time enrollment) or the equivalent – up to $14,000/year.
• 12-14 credits/semester (full-time enrollment) or the equivalent – up to $12,500/year.
• 6-11 credits/semester (half-time enrollment) or the equivalent – up to $7,500/year

For Graduate programs:

• 9+ credits/semester (full-time enrollment) or the equivalent – up to $15,000/year
• 6-8 credits/semester (half-time enrollment) – up to $7,500/year.

For Career/Technical Education programs:

• Non-flight programs – up to $10,000 (Programs must be at least 180 hours over a period of not less than six weeks and result in a certificate.)
• Flight school programs - up to $10,000 (Not for private pilot programs. Programs must log a minimum of 17 hours/month or 51 hours over a three-month period and result in a certificate.)

For Alaska Refinance Loan

• There is not a maximum amount you can borrower under the Alaska Refinance Loan.

Note: Students can only borrow the amount needed to cover outstanding costs of attendance, as certified by your school. In addition, there are lifetime borrowing maximums, in the Loan Limits section of our website.

If you are having trouble making payments on your student loans, the Alaska Commission on Postsecondary Education (ACPE) may be able to help. Read more about repayment assistance on our Loan Repayment page.

Don't wait until your account becomes delinquent or defaults. If you are unable to make a payment, contact ACPE as soon as possible to discuss options that could adjust your repayment schedule and lower, or even postpone, your monthly payments.

Student deferments are available on Alaska Education Loans based on qualifying enrollment. Less than full-time enrollment may not defer full-time or on-time loans awarded after July 1, 2015. Be sure to notify ACPE any time your enrollment status changes. If you default, you are no longer eligible for deferments.

Student deferments are not available for the Alaska Refinance Loan and the Family Education Loan.

If you default on your loan, any or all of the following may happen:

• The entire loan balance (principal and interest) becomes immediately due and payable
• You will lose your deferment options
• Your loan(s) status will be reported to national credit bureaus, including delinquency and default
• Your Alaska Permanent Fund Dividend (PFD) may be garnished and applied to your loan(s)
• Your wages may be garnished to repay your loan(s)
• You may lose eligibility to obtain educational aid in the future
• Your school may withhold copies of your transcripts
• Your account may be referred to the loan guarantor for additional collection action, which may include income tax garnishment, being sued for the balance of your loan and other collection type activities.
• Your account may be referred to a collection agency and you may be charged collection fees

Don't wait until your account becomes delinquent or in default. If you are unable to make a payment, contact ACPE as soon as possible to discuss options that could adjust your repayment schedule and lower, or even postpone your monthly payments.

• Read the terms of your promissory note carefully to know your obligations and options
• Track your loans online
• Read and respond to any correspondence you receive from ACPE
• Notify ACPE if you change your address or phone number
• Notify ACPE if you leave or return to school
• Contact us immediately if you are unable to make your scheduled monthly payment
• Learn about and use the deferment, forbearance or repayment plans available to you
• Ask questions.  The more you learn about your student loans, the more successful you will be in repayment.