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All About Your Interest Rate

It's your interest rate – we believe you should know what we consider when we set your rate.

For rate discounts and benefits for 2017-18 and earlier click here


2018-2019 Academic Year Rates +


In-State Student Loan

(Alaska Supplemental Education Loan – with 0.5% discount for in-state study built into base rate)
Credit Score ****
Base Rate Auto-Pay Discount Lowest Possible Rate ++
650-679* 8.00% (7.50% APR) -0.25% 7.75% (7.27% APR)
680-719 6.40% (6.07% APR) -0.25% 6.15% (5.85% APR)
720+ 5.40% (5.16% APR) -0.25% 5.15% (4.93% APR) **





Student Loan (Out-of-State)

(Alaska Supplemental Education Loan)
Credit Score ****
Base Rate Auto-Pay Discount Lowest Possible Rate ++
650-679* 8.50% (7.93% APR) -0.25% 8.25% (7.72% APR)
680-719 6.90% (6.52% APR) -0.25% 6.65% (6.30% APR)
720+ 5.90% (5.62% APR) -0.25% 5.65% (5.39% APR)





Family Loan

(Family Education Loan)
Credit Score ****
Base Rate Auto-Pay Discount Lowest Possible Rate ++
Absence of adverse credit* 6.90% (6.90% APR) -0.25% 6.65% (6.65% APR)





Refi

(Alaska Education Refinance Loan)
Credit Score ****
Interest Rate ***
720-779 5.30% (5.30% APR)
780+ 4.60% (4.60% APR)




+ All state loan rate ranges are established annually at the lowest rate possible. State loans are funded through the Alaska Student Loan Corporation, which issues tax-advantaged bonds to offer lower rates, and more accessible credit criteria. State loans are not supported by the State of Alaska's general funds.

+ The Annual Percentage Rate (APR) is the yearly cost of borrowing money, shown as a percent of the amount you borrowed. The APR is calculated based on the interest that will be charged over the life of the loan, the principal balance at origination, and the repayment schedule, assuming that all payments will be made on time.

++ You may be eligible to receive a 0.25% interest rate reduction on your loan by authorizing ACPE to automatically deduct qualifying loan payments from a checking or savings account during the in-school and repayment periods. The reduction will remain in effect as long as qualifying automatic payments continue without interruption. Participating in Auto-Pay will reduce the finance charges, resulting in a lower total cost of loan. To qualify, payments made during non-repayment periods such as the in-school, grace, deferment, and forbearance periods, must be a minimum of $50.00 per loan. Payments made during the repayment period must be a minimum of $5.00 and all loans must be current in repayment.

* Also requires an absence of adverse credit (nothing derogatory on your credit history)

** The lowest possible rate of 4.93% APR is based on a sample loan of $10,000, disbursed in two equal installments, with 120 monthly payments of $129.13. This rate is based on attendance in Alaska and requires participation in ACPE’s Auto-Pay Discount program. The APR may increase after consummation based on individual repayment behaviors.

*** All Refi Rates are set at the lowest possible rate. Additional discounts for auto-pay are not available.

**** ACPE uses Experian FICO2 (Ex-98) to determine credit eligibility.
Learn more about various FICO scores: https://www.myfico.com/credit-education/credit-score-versions/