Student Loans Available to Alaskans

Low Cost Affordable College Financial Options from the State

The State of Alaska offers state students and parents an affordable state-funded loan program: the AlaskAdvantage Student Loans.

This package includes all the federal loans as well as a private or supplemental loan and all deliver some of the lowest costs you’ll find anywhere. What you really need to know: most students and parents preparing for college make a big mistake when it comes to borrowing for college: they don’t fill out the FAFSA. Why? They assume they don’t qualify for federal aid. Guess what? In most cases you’ll be surprised to find out that most students qualify for some Stafford Loan financing.

Alaska Commission on Post Secondary Education

The ACPSE administers the AlaskAdvantage Loan program as well as scholarship and grant information also necessary to state residents.

Here is an overview of the state student loans available:

  • AlaskAdvantage Stafford Loan is a specially packaged Stafford Loan optimized to give you the lowest rates possible. And the origination fee is covered by ACPSE.
  • PLUS Loan for Graduates and Professionals is a credit-based federal loan designed to help grad students continue financing their educations. Applicants must have borrowed the limit allowed in Stafford Loans to qualify for this aid.
  • The PLUS Loan for Parents helps parents with students in an undergraduate program. Once students have been awarded other federal aid parents may apply for the balance of the education costs.

When the Stafford Loan is not enough…Alaska Private Loans

Alaska continues to provide its students with alternatives to high-dollar private loans financed through lenders. In many cases what you are awarded in Stafford Loans is not enough to cover the costs necessary for college. Here are the state loan programs that offer relief:

  • Alaska Supplemental Education Loan is credit-based, but offers the most affordable option to other types of private student loans. Terms may change.
  • Family Education Loan is an innovative, low-cost solution that makes loan money available to other family members interested in contributing to a student’s education costs.
  • Alternative Consolidation Loan is offered to borrowers with multiple private loans to consolidate. This is welcome at a time in which many lenders have curtailed consolidation loan lending.

Special State Student Loans

Two state-sponsored student loans are unique to Alaska:

  • Know a student studying fisheries? The A.W. “Winn” Brindle Loan is offered in memory of a well-known Alaska resident and businessman. Student must be studying in a closely related field to qualify.
  • Students pursuing a field of study in Law Enforcement: don’t miss out on the Michael Murphy Memorial Student Loan. Open to undergraduate state residents.

      • Loan Forgiveness for Service Programs

      The Alaska Teacher Education Loan Program offers full loan forgiveness for the right candidates. This loan program helps to keep teachers working in underserved schools and communities in exchange for loan repayment, up to $7,500 annually. Open to students migrating from high school to a full-time teaching education program and willing to remain teaching in rural Alaska when graduated.

      For more information on Alaska student loans visit the Alaska Commission on Post-Secondary Education.