* Rates are for the 2019-2020 fiscal year. Your fixed rate will be determined based on credit score.
APPLY FOR 2019-20
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Once your Refi application is approved, we'll send you a Loan Application Disclosure (LAD). You must accept the disclosure before we can finalize the refinancing process. The quickest way to accept your loan terms is electronically, through your ACPE online account.
After you accept your LAD, ACPE will pay off your loans with your lender(s). You'll be notified when the payment is sent. Please continue making payments with your current lender until you can verify they've received ACPE's pay off check.
You may qualify even if you did not finish your degree program.
The Alaska Refinancing Loan has a fixed interest rate that ranges between 4.85% (4.85% APR) and 5.55% (5.55% APR). Your interest rate is based on your credit history or your cosigner's credit history, if applicable. You will be notified of the interest rate you qualify for when your loan is approved. For more about how we determine your rate, go to https://acpe.alaska.gov/myrate.
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.
There are no origination fees or prepayment penalties.
To qualify for the Alaska Refinancing Loan, you must have a FICO score of at least 720, or an eligible cosigner. Your interest rate is based on your credit history or your cosigner's credit history, if you plan to apply with one.
Visit our Understanding Credit page to learn more about FICO scores, credit reports, and establishing good credit.
If you do not meet the credit requirements or you would like to try for a better interest rate, you may want to consider adding a cosigner. The online application process gives you the opportunity to send an instant request to a potential cosigner. If you elect to add a cosigner, that person will be responsible for the loan even in the event you meet the credit conditions independently.
A cosigner assumes responsibility for the loan if the borrower should fail to repay the loan. A cosigner has an independent responsibility to repay the debt and to notify ACPE in the event of changes affecting the loan. ACPE can collect from the cosigner without first having to collect from the primary borrower.
ACPE will notify the cosigner of delinquency in repayment or any changes in the loan terms that increases the amount due on the loan.
You may choose to have a repayment term of 5, 10, or 15 years. If you initially choose a shorter repayment term, you will have the option to extend your term in qualifying situations. A repayment schedule will be established 60 days after your loan is finalized. Your monthly payment amount will be based on your total debt and term length, subject to a minimum payment of $100.00 a month. Monthly payments can be $500 or more, depending on the total amount you refinance.
Even though refinancing offers many advantages, be sure you understand what you may be giving up – a lower payment may not be worth the loss of certain benefits afforded to federal Direct and/or Stafford loans or, the Alaska WWAMI Biomedical Program loans, or those offered by other lenders.