Alaska Student Loan Program

This video explains how Alaska’s student loan program works, and if you want to apply, then email us at info@alaskastudentfinancellc.com.

In this video, we take an in-depth look at the following question:

I am graduating soon (with my Associates degree already) and would love to move forward straight into a Bachelor’s degree. But I don’t want to go back to school given what happened to our country. However, I need some spending money. “

For those looking to do something similar, you should consider doing a jump start college degree where you still work full time and spend 2 years just getting a bachelor’s level degree.

Take advantage of things like state-funded tuition reimbursement while working and studying.

Then once you graduate, focus on obtaining a master’s and possibly a Ph.D.

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Alaska Student Loan Program

Alaska Student Loan Program

The Alaska Student Loan Program (ASLP) was created by Congress in 1990 and offers federal student loan forgiveness to students who commit to working in Alaska. The program’s mission is to provide financial assistance and educational opportunities for Alaskan residents. Students must have been enrolled at least half-time in an eligible institution of higher education since September 1, 2019, and have completed 60 credits before July 1, 2020. Eligibility requirements include having a minimum cumulative GPA of 2.0, being enrolled full time, maintaining employment while attending school, receiving their degree within 10 years of completing enrollment, and not having defaulted on any previous loans. Loan repayment starts six months after graduation, or upon completion of military service if applicable. If borrowers remain employed for five years, they may be able to pay off their debt completely. Loans cannot be forgiven if the borrower receives federal Pell Grants or is enrolled in a VA residential treatment facility.

Benefits of the Program

Students may receive up to $13,000 annually in funding. Funding is awarded based on a combination of factors, including academic performance, number of credits taken, and employer recommendations. Students do not need to reside in Alaska to apply; however, they must complete a two-year commitment period. Once approved, ASLPs can last for up to 12 years. Borrowers may only receive one ASLP per year.

How to Apply

Apply online by submitting a Free Application for Federal Student Aid (FAFSA). Students must fill out the FAFSA by March 15th each year to qualify for the program. Students then submit documentation of their eligibility and an application fee. After submission, applicants are notified of their status and funding amount, if any. Applicants must enroll in classes at least half-time to be considered for the program. Those wishing to participate must maintain a minimum cumulative GPA of 3.0, although many schools offer waivers to those with lower GPAs. Students should keep track of their grades throughout the semester using Course Hero.

Alaska Student Loan Program

Alaska Student Loan Program (ASLP)

The ASLP was established under a 1994 federal law known as the “Higher Education Act.” This act allowed the U.S. Department of Education to provide grants and loans to public colleges and universities, as well as certain private nonprofit institutions of higher education across the nation. At least half of these funds were set aside for students who would otherwise have been unable to afford a college education due to their poverty. These loans could not be discharged even if the student’s degree had no value after graduation. In exchange for receiving financial aid, students agreed to work toward repayment of the loan debt over time while attending school. Students who completed at least 12 credits per semester were eligible for a monthly payment.

Since its creation, the program has granted $19 billion to over 1 million Alaskan students. Undergraduate student debt nationwide now exceeds $1.2 trillion.

Alaska Student Loan Initiative (ASLI)

In 2013, Alaska voters approved a ballot initiative to create the Alaska Student Loan Initiative. Through a constitutional amendment, the state government is authorized to spend up to $50 million a year offering low-cost educational loans to students who qualify. Loans cannot exceed 10% of a recipient’s discretionary income. The first round of funding began in 2014, and the second phase started in 2017.

How do I apply?

You must complete the Free Application for Federal Student Aid (FAFSA). You will need your tax information and proof of residency; a signed financial disclosure statement and proof of disability; a copy of your FAFSA application; a W-9 form; two passport-sized photographs; your Social Security card; and any other documents needed to prove your eligibility.

What are my options?

There are four major types of financing available to you as a recipient: Federal Stafford Loans; Parent PLUS Loans; State Grants; and Private Scholarships.

Federal Stafford Loans are subsidized by the U.S. Dept. of Education and are offered to those who meet basic requirements. This type of funding covers both undergraduate and graduate programs.

Parent PLUS Loans are provided by the Dept. of Education to parents who co-sign students’ federal loans. Parents are responsible for paying back the loan plus interest.

State grants cover all costs related to attendance, including tuition and fees, room and board, transportation, and books. Recipients may receive either a grant or a scholarship.

Private scholarships can be either merit-based or need-based. They usually require you to fill out an application and submit essays or letters of recommendation. They are awarded on a competitive basis, and some don’t even require an essay or letter of recommendation.

How much money can I expect to get?

Alaska Student Loan Program

Alaska Student Loan Program

The State of Alaska’s student loan program was first implemented in 1995 and currently offers loans to undergraduate students at any accredited public university or college in Alaska. Loans are granted based on financial need, not merit or grade point average. Applicants must meet certain income requirements and have completed at least 30% of their academic work before applying for the loan in order to qualify.

Application Process

Students should apply online at www.nsl.alaska.edu/apply. Students may choose between two application types: (a) Standard Application or (b) Supplemental Application.

The Standard Application includes personal information, including income verification, school transcripts, and parental signatures. Additional documentation is required to complete the supplemental application, including proof of residency. Applications are due by April 1st of each year for the following fall semester.

Eligibility requirements

Applicants must be U.S. citizens or permanent legal residents. Applicants must also have graduated from high school in Alaska and have earned a minimum cumulative GPA of 2.50 over four semesters or 25% over two semesters. At least 90 credits must be attempted per term. Final credit hours count toward the degree; no course-for-credit option exists.

Income eligibility requirements vary depending upon whether the applicant is borrowing under the Basic Plan or the Enhanced Plan. To borrow under the Basic Plan, borrowers must earn less than $30,000 per year, or have a lower adjusted gross income if married and filing jointly. Borrowers who earn more than $30,000 annually must borrow under the Enhanced Plan. Income eligibility is determined by comparing the borrower’s actual annual household income to the federal poverty guidelines established by the United States Department of Health and Human Services. All borrowers must file an affidavit stating that they do not anticipate earning more than $30,001 or $31,500, whichever is greater, for the upcoming academic term. If the borrower anticipates earning more than these amounts, he or she cannot borrow under either plan.

Costs

Under both plans, borrowers pay interest at a variable rate ranging from 6.25% to 8.75%. Total payments range from $2,300 to $2,700. Payments begin after graduation and continue until the borrower repays his or her entire loan amount. Repayment begins after 12 months and continues for the lifetime of the loan. Interest rates on the Basic Plan start at 6.25%, while those on the Enhanced Plan start at 9.00%.

Loan repayment is calculated using the borrower’s expected family contribution (EFC). When calculating EFC, Alaska uses the Federal Poverty Guidelines published by the United States Department of Health and Human Services, and the University of Alaska must use the same guidelines adopted by the state. The formula is the sum of the borrower’s total monthly income plus 50% of the difference between the cost of housing in Anchorage and Fairbanks, divided by 120.

If the borrower does not repay the loan according to its terms, the entire balance becomes immediately due and payable. If the borrower does repay the loan, interest will resume accruing at the current rate.

How Does It Work?

Once enrolled in the program, students receive an NSF grant-in-aid check or direct deposit for the full amount borrowed ($4,000-$5,000), as well as an additional $1,000 bonus. The funds are disbursed as follows:

Alaska Student Loan Program

Alaska Student Loan Program (ASLP)

The Alaska Student Loan Program was established in 1991 and is administered by the Alaska Housing Finance Corporation (AHFC). In 1992, AHFC became responsible for managing the program and began issuing loans directly to students. Loans are issued at no cost to borrowers, although interest accrues on unpaid balances. Interest rates range from 2% to 6% annually. Borrowers may prepay their student loans without penalty. Currently, over $180 million in student loan debt is serviced by the ASLP.

The purpose of the program

The purpose of the Alaska Student Loan Program is to provide low-interest financing for qualified undergraduate students attending institutions of higher education in Alaska. The loans are intended to assist Alaska residents in obtaining postsecondary educational opportunities.

Eligibility requirements

Eligible applicants must meet the following eligibility requirements:

be citizens or permanent residents of the United States;

have graduated from high school or been accepted into a full-time college program;

have a financial requirement

have no outstanding federal, state, or local taxes;

I live in Alaska.

reside in the applicant’s home county;

be enrolled in the first two years of full-time study at an eligible institution;

-Be able to make a 10 percent down payment on a residence;

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