AlaskAdvantage^TM Stafford Loan
(federal lender code 826966)

The AlaskAdvantage Stafford Loan is your lowest-cost option loan. The Stafford is a federally guaranteed loan with interest subsidies available to qualified borrowers. The interest rates listed below are fixed*, but borrower benefits are variable and may change annually.  Benefits are subject to approval annually by the Alaska Student Loan Corporation. 

• Lowest rates in-school 5.6%, repayment 3.35% with borrower benefits
• Origination fee paid by AlaskAdvantage Programs
• Subsidized loans available to borrowers with qualifying financial need

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2009-2010 Interest Rates with Benefits	In-School Period	Repayment Period
Base Rate1	6.80%	6.80%
Alaska Presence Benefit	-1.20%	-1.20%
Direct Payment Benefit		-0.25%
Timely Benefit After First 48 Repayment Months		-2.00%
Lowest Cost Interest Rate Equivalent	5.60%	3.35%

 

 

¹  The base rate for undergraduate borrowers on subsidized Stafford loans is 5.6% after 7/1/09.

¹ A dependent freshman whose parent has access to PLUS borrowing under the new law, will be able to borrow a total of $5,500, no more than $3,500 of which may be subsidized.

² A dependent freshman whose parents were unable to borrow PLUS (drop to the Independent Undergraduate Student Chart) under the new law, can borrow a total of $9,500, no more that $3,500 of which can be subsidized. The amount a student can actually borrow may not exceed cost of attendance minus other assistance (or, for subsidized loans, other assistance plus the EFC). The same limits apply to a freshman who is an independent student.

Eligibility

• Completed FAFSA
• Minimum half time enrollment in eligible program
• U.S. citizen or eligible non citizen
• High school diploma and other federal requirements
• Alaska resident or attending an eligible school in Alaska
• Minimum loan amount is $200  

How to Apply

You can apply online or download an application. Before you apply for loan programs, we recommend you:

1. Complete the Free Application for Federal Student Aid (FAFSA).
   You can complete the FAFSA online at http://www.fafsa.ed.gov/ anytime after January 1^st.
2. Discuss your financial aid options with your school.
   Many schools offer different financial aid programs. Your school financial aid experts will advise you regarding the options available to you. Your school may also have specific criteria and deadlines, and you may miss out if you apply without first discussing your options with your school.