Alaska Supplemental Education Loan

The Alaska Supplemental Education Loan is an alternative, low-cost borrowing option to supplement funding for students with costs of attendance not fully covered by the AlaskAdvantage Stafford Loan. The interest rates listed below are fixed*, but borrower benefits are variable and may change annually.

• 5% origination fee

*Interest rates and AlaskAdvantage Borrower Benefits are subject to approval annually by the Alaska Student Loan Corporation. Interest rates on loans issued prior to the 2006/2007 academic year are variable and change annually. Click here for a chart of rates. AlaskAdvantage Borrower Benefits apply to both new fixed rate loans and existing variable loans.

Eligibility

• FAFSA may be required
• High school diploma or equivalent (i.e., GED)
• Minimum half-time enrollment in eligible program
• Not in default on a federal or state loan
• Have a credit history that includes a FICO credit score of 680 or higher, or have a cosigner who meets the 680 FICO requirement
• Alaska resident or attending an eligible school in Alaska
• Not past due in child support obligations
• All other eligibility requirements, as stated under 20 AAC 15.705
  

You can apply online, or you can 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 can advise you regarding which aid is suitable for 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. Inform your school of your financial aid decisions.