Borrower Benefits

Borrower Benefits are cost reductions, typically applied as quarterly or annual account credits or interest rate reductions, to reduce the borrower-paid costs whenever the Alaska Student Loan Corporation (ASLC) has the financial capacity to do so.

Benefits are variable, meaning that a new benefits package, if any, must be approved each program year. Borrowers who do not maintain a current repayment status may forfeit some or all benefits.

ASEL
Benefits1

 

 

In School

Repayment

Fixed Interest Rate 7.30% (7.48% APR) 7.30% (7.48% APR)
Borrower Benefits    
    Alaska Presence -0.50% -0.50%
    Online auto-pay   -0.25%
Lowest Rate Equivalent 6.80% 6.55%

 

FEL
Benefits1

 

 

Repayment

Fixed Interest Rate 7.30% (8.40% APR)
Borrower Benefits  
    Online auto-pay -0.25%
Lowest Rate Equivalent 7.05%

 

WB
Benefits

 

 

In School

Repayment

Fixed Interest Rate 5% (3.35% APR) 5% (3.35% APR)
Borrower Benefits    
    Online auto-pay   -0.25%
Lowest Rate Equivalent 5% 4.75%

 

TEL
Benefits

 

 

In School

Repayment

Fixed Interest Rate 7.30% (2.15% APR) 7.30% (7.30% APR)
Borrower Benefits    
    Online auto-pay   -0.25%
Lowest Rate Equivalent 7.30% 7.05%

 

PSEP
Benefits2

 

 

In School

Repayment

Fixed Interest Rate 4.80% (4.80% APR) 7.30% (7.30% APR)
Borrower Benefits    
    Alaska Presence   -0.50%
    Online auto-pay   -0.25%
Lowest Rate Equivalent 4.80% 6.55%

Other Loan Programs

Borrower Benefits

Base (note)
Rate

Alaska
Presence

Online
Auto-pay

Lowest Rate
Equivalent

 

ASEL3        
Variable Rate Loans        
   In School 2.80% N/A   2.80%
   Repayment 2.90% N/A -0.25% 2.65%
AL        
Alaska Student Loans        
   In School Varies N/A   Varies
   Repayment Varies N/A -0.25% Varies
Alternative        
Consolidation Loans 4        
   Repayment 7.30% N/A -0.25% 7.05%
ALL FFELP 5        
Federal Loan Program        
   In School Varies N/A   Varies
   Repayment Varies N/A -0.25% Varies

Benefit Description

Alaska Presence

The Alaska Presence benefit is a cost reduction for qualifying borrowers who attend a postsecondary institution in Alaska, or who reside in Alaska while repaying their loans and are current in repayment. This benefit does not reduce your loan interest rate, but is applied as an annual credit to your account, effectively reducing your cost of borrowing from ACPE.

Online Auto-pay

The Online Auto-pay benefit is a cost reduction for borrowers current in repayment who use ACPE's online automatic payment method. This benefit is an interest rate reduction and will reduce the note rate of your qualifying loan(s).

 


1The Alaska Student Loan Corporation(ASLC) Board sets the rates for ASEL and FEL loans.
2The Alaska Commission on Postsecondary Education (ACPE) sets the interest rate on PSEP Loans.
3The variable rate ASEL loans are no longer originated, but the remaining outstanding loans are eligible for borrower benefits as indicated.
4The Alternative Consolidation Loan interest rate is set in accordance with 20 AAC 15.860.
5The Health Care and Education Reconciliation Act of 2010 ended the authority for state, nonprofit, and private lenders to make new federal loans after June 30, 2010. ACPE will continue servicing existing federal loans and the remaining outstanding loans are eligible for borrower benefits as indicated.