Professional Student Exchange (WICHE PSEP)

The WICHE Professional Student Exchange (PSEP) allows Alaska students to enroll in select out-of-state professional programs that are not available in Alaska.

Explore the Benefits

  • 6.90% (6.59% APR) interest rate in-school and during repayment
  • No origination fee
  • Rates as low as 6.65% in repayment with borrower benefits
  • 0.25% Auto-Pay Discount and 0.50% Alaska presence payment reduction while in repayment



  • Be a U.S. citizen or eligible non-citizen, and an Alaska resident
  • Have a high school diploma or equivalent (GED)
  • Enroll at an eligible PSEP institution in one of the following fields of study: Dentistry, Occupational Therapy, Optometry, Physician's Assistant, Podiatry, Pharmacy, Physical Therapy


Credit Requirements

To qualify for the PSEP, you must have a credit history that documents your ability and willingness to pay an extension of credit or have an eligible cosigner. Visit our Understanding Credit page to learn more about credit reports and establishing good credit.



Interest Rate, APR, and Fees

The PSEP has a fixed interest rate of 6.90% (6.59% APR) in-school and in repayment. This means the base interest rate of 6.90% is not subject to change; however, it may be reduced by Borrower Benefits while in repayment.

What is APR?

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. The APR referenced above assumes a 4-year student, principal loan amount of $10,000, no origination fee, and a repayment term of 15 years. The interest rate and APR do not factor in any reductions due to borrower benefits


There are no origination or prepayment fees on the PSEP loan.

Resident Tuition and Support Fee

Alaska students are responsible for paying both tuition and the support fee to participate in the PSEP. Students generally pay a lower tuition at the institution they attend. Each year the support fee is covered by ACPE and a loan is created that the student must repay after graduation.

How to Apply

  1. Contact ACPE and complete the certification process before October 15 of the year preceding admission
  2. Provide a copy of ACPE's certification letter to each PSEP institution to which you apply
  3. Send a copy of the institution's acceptance letter to ACPE
  4. Complete the promissory note and send it back to ACPE
  5. You're done!



Upon receipt of the institution's acceptance letter, ACPE will send the PSEP Master Promissory Note for completion. Your funds will be sent directly to your school's financial aid office, in accordance with their scheduled financial aid disbursement dates and procedures.



Repayment begins six months after you stop attending school at least half time. The standard repayment period is ten years. Your monthly payment will be based on your total debt, subject to a minimum payment of $50.00 a month.


How can you keep loan costs low?

  • Develop a budget and pay bills on time
  • Prepay your loan before while in a non-payment status, such as in school or in grace
  • Choose a repayment plan and payment method that's right for your situation


Learn more about repayment plans, payment methods, and repayment assistance.


Medical (WWAMI and WICHE)

Medical (WWAMI Biomedical Program)

The Alaska WWAMI Biomedical Program provides Alaska residents with funding for high-quality medical education not available in-state.

  • 4.00% (2.70% APR) fixed interest rate
  • No origination fee
  • No credit check
  • Eligible for up to 100% forgiveness if you return to Alaska and are employed in a professional medical practice

The above rates and benefits are for the 2018-2019 academic year, effective July 1, 2018.


How are new participants selected for participation in the WWAMI program?

Each year the Alaska WWAMI (Washington, Wyoming, Alaska, Montana, and Idaho) and the University of Washington School of Medicine (UWSOM) Admissions Committees work together to interview and select 20 Alaskans for the program. The Alaska WWAMI office at the University of Alaska Anchorage (UAA) certifies an applicant's eligibility for the program based on responses to an Eligibility Questionnaire. Once an Alaska applicant is admitted, ACPE is prompted to send the individual the WWAMI service obligation Master Promissory Note (MPN) and a related cover letter. Individuals who accept the offers of admission must sign the MPN and return it to ACPE prior to beginning their program of study.

To participate in the WWAMI program, you must:

  • Be a U.S. citizen or eligible non-citizen, and an Alaska resident for at least two consecutive years at the time of application in order to obtain residency certification.
  • Have a high school diploma or equivalent (GED)
  • Be accepted to the WWAMI Medical Education Program

Interest Rate, APR, and Fees

The WWAMI has a fixed interest rate of 4.00% (2.70% APR) in-school and in repayment. This means the base interest rate of 4.00% is not subject to change.

What is APR?

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. The APR referenced above is an example and assumes a principal loan amount of $10,000, for a 4-year student with repayment beginning after a six-month grace period. The loan repayment term is 15 years.


There are no origination or prepayment fees on the WWAMI loan.

Whom should Alaskans contact if they are interested in information about the WWAMI program?

Students interested in entering medical, school may schedule a meeting for pre-health professions guidance through the WWAMI School of Medical Education at UAA by contacting the Pre-Health Guidance Coordinator:

Alida van Almelo

Pre-Health Professions Guidance Coordinator

UAA WWAMI School of Medical Education

3211 Providence Drive, HSB 301

Anchorage, AK 99508

Email: arvanalmelo@alaska.edu 

Students are encouraged to meet with an advisor to discuss course schedules, preparation for entrance exams, completion of applications, coordination of letters of recommendation, and other topics applicable to the development of a suitable undergraduate program and effective applications to professional schools.

For more information, visit the Health Professions Advising website.

How to Apply

  1. Apply to the WWAMI Program at the University of Washington School of Medicine. For more information on eligibility requirements and the application process, visit the WWAMI website
  2. Complete a WWAMI Promissory Note with ACPE
  3. You're done!

What is the annual WWAMI repayment obligation based upon?

During the first year of medical school at University of Alaska Anchorage, the principal balance of the loan will be zero. However, by signing the WWAMI Master Promissory Note, each participant has entered into a loan contract and will have a loan repayment obligation for their second, third, and fourth years of medical school at the University of Washington School of Medicine (UWSOM). In accordance with state statute governing the WWAMI program, the financial support to be repaid is equal to 50% of the amount the State pays to UWSOM, on behalf of the participant, plus interest.

What is my financial obligation for the WWAMI Program?

A participant's loan obligation is equal to 50% of the annual support fee paid by the state, plus interest. During the first year of medical school, the principal balance of the WWAMI loan will be zero. By signing the WWAMI Medical Education Loan Program MPN, participants will have a repayment obligation for their second, third and fourth years of medical school support fees. An annual Notification of Award letter is sent to each participant advising them of the amount of their financial obligation for the related program year.

How does the service obligation discharge a WWAMI participant's financial obligation?

The participant who successfully completes the graduate education program for which the financial support was provided and is employed within Alaska in a qualifying medical residency program or other qualifying professional medical practice and who is otherwise qualified may have the outstanding principal1 and accrued interest forgiven and considered a grant in accordance with the following percentages:

A. for employment in rural2 areas of the state, up to three years of employment, 33.33% for each year;

B. for employment in areas of the state that do not qualify under the program definition as rural, up to five years of employment, 20% for each year

Participants employed as physicians in the state must immediately notify ACPE of the date their qualifying employment began. ACPE will make available to the participant the necessary forms for documenting completion of each annual period of documented employment until the obligation is fully discharged.

Are participants required to make payments while engaged in employment that satisfies their WWAMI service obligation?

Generally not. However, it is critical for a participant to immediately advise ACPE of qualifying employment. Once ACPE is in receipt of documentation the participant is in full-time, qualifying employment in Alaska, the repayment requirement will be deferred. The deferment continues until either the entire period of service is completed or the participant ends the full-time employment or leaves the state, whichever occurs first. However, if a participant enters otherwise qualifying employment after the start of repayment and has past due payments, that participant must pay the loan obligation current before the employment will be considered part of the qualifying period. Additionally, those payments made prior to entering into qualifying repayment will not be subject to forgiveness.

Who is required to repay a WWAMI loan?

Any participant who fails to fully satisfy the terms of their service obligation is required to repay their outstanding WWAMI financial obligation plus accrued interest. The obligation converts to a regular loan status at the time the participant fails to qualify for a permitted deferment and the active repayment period begins. In the event a participant is in active repayment for a period of time and thereafter enters qualifying employment, any amount of the loan obligation which was not yet due and payable may be deferred and subsequently be subject to forgiveness in the increments noted above.

What if a WWAMI participant is in a medical education residency program in Alaska?

WWAMI participants in an Alaska medical education residency program can claim that period of service as qualifying under their WWAMI obligation so long as they hold an Alaska medical license or residency permit and have proof of full-time employment for the relevant period.

  1. No amount due and payable prior to the participant entering deferment or forgiveness-qualifying employment is subject to forgiveness.
  2. "Rural" is defined in Alaska law as a community with a population of 7,500 or less that is not connected by road or rail to Anchorage or Fairbanks or with a population of 3,500 or less that is connected by road or rail to Anchorage or Fairbanks.