The WICHE Professional Student Exchange Program assists Alaskan students pursuing a career in specific healthcare fields.
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.
To qualify for the PSEP, you must have a credit history that documents an 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.
The PSEP has a fixed interest rate of 7.00% (6.43% APR) in-school and in repayment. A "fixed" rate means the base interest rate will not change; however, it may be reduced by Borrower Benefits while in repayment.
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.
The loan Alaska WICHE PSEP students receive through ACPE is specifically for the annual support fee to participate in PSEP. Alaska PSEP students generally pay a lower tuition at the institution they attend, and are encouraged to work with financial aid offices to determine their total cost of attendance.