The Alaska Education Loan

Alaska residents who have attended school in America may be eligible for financial aid for college degrees or vocational training. To apply for a loan, students must complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. Students should submit FAFSAs each year while they are attending school in order to maintain eligibility. If you qualify for a loan, you must repay it via monthly payments or pay a portion upfront. Repayment begins after graduation. You must begin making payments no later than 60 days before leaving school, or you could lose access to funds.

The Alaska Education Loan

An Alaska Education Loan is a program created by the state of Alaska to help students attending college or vocational training programs pay for their education.

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Created on: 2017-12-18T00:14:24Z

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Tags: finance, federal, government, Higher Ed, loans, money, scholarships, student, United States, US, University of Alaska, University of Anchorage, University of Alaska Fairbanks, University of Alaska Southeast, Washington, Western Washington University, Western Washington University-Tacoma Campus

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The Alaska Education Loan

The Alaska Public Postsecondary Education Student Tuition Program (PSTP) provides student loans at low rates to students attending postsecondary institutions in Alaska. The Alaska PSTP was created through a combination of grants and private donations. These funds were used to establish the Alaskan Higher Education Corporation, which administers the program. Students who qualify may receive money directly deposited into their bank accounts and used toward tuition, fees, books, supplies, equipment, and room and board at any accredited four-year institution of higher education in Alaska. There is no application fee to apply for the loan. However, applicants must submit a FAFSA if they wish to receive federal financial aid.

The Alaska Education Loan

Alaska Public School Loans

The Alaska Public School Loan Program was created in 1976 to provide loan funds to students attending public schools in Alaska who were unable to meet the cost of tuition. To qualify, applicants need to have been enrolled full-time at an accredited public school in Alaska for at least three-quarters of the 12 months preceding their application date. Applicants must also submit proof that they cannot afford to pay for college without assistance. Loan amounts range from $500 to $10,000 per year, depending on factors including the number of years left before graduation and the amount of financial aid received while studying. Funds can be repaid over four years at 10% interest per year, although interest begins accumulating earlier if payments begin after 90 days. Repayment may be deferred until after graduation if approved by Alaska’s Student Financial Aid Office.

Federal Education Loans

Federal loans offer borrowers more flexibility than state loans. Borrowers apply online and then receive approval from the Department of Education; no paperwork is necessary. The maximum amount available ranges from $5,500 to $35,500 per academic year, depending on income and family size. Loans issued by private lenders tend to carry higher interest rates than those offered by federal agencies. Interest accrues at variable rates, ranging from 6% to 8%, depending on the borrower’s credit history.

State Education Loans

State education loans are different from federal student loans only in name. Most states’ programs charge lower interest rates than federal loans, sometimes even for a shorter period of time. In some cases, state loan repayment plans are not subject to income limitations, unlike federally funded ones. Many states offer additional incentives for parents who attend college themselves.

Private Student Loans

Private student loans allow for flexible terms due to their nature. The amount borrowed depends entirely on how much money the applicant wants to borrow. However, private lenders generally require a co-signer and may place limits on the type of institution, duration of study, or geographic area where the borrower attends classes. Borrowers may choose to use these loans to finance undergraduate or graduate studies.

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The Alaska Education Loan

Alaska Education Loan (AEL)

The Alaska Student Loan Program was created in 1990 to assist students who were attending Alaska’s colleges and universities to meet their educational expenses. To qualify, applicants must have been enrolled full-time or at least half-time for three or more semesters, regardless of whether they received credit for those semesters. Applicants may not receive financial aid from any federal program while receiving AEL assistance. The maximum loan amount per academic year is $8,000 plus interest. Loans are repaid at the end of each semester and are paid back over four years. A borrower may defer repayment until he/she graduates or enrolls in a graduate school. If the borrower does not repay the loan, the lender may recover costs associated with collecting the debt. Interest accrues at 6% over the base rate established by the Board of Regents. The base rate is currently 10%. While you are working as a student, you cannot borrow money from another state’s education loan program, nor can you use AEL money to pay off previous loans from another state. You may only apply to borrow one loan per year. Students already enrolled in a college or university are eligible for financial aid from both AEL and other programs. However, if you decide to drop out of college before completing your degree, you will lose eligibility for any financial aid. Before applying for AEL, you should check how much money you need to cover tuition and fees. Also, find out about scholarships and grants offered by your college or university and contact them directly.

How do I know if I am eligible for AEL?

To qualify for AEL assistance, you must meet certain criteria set by the Alaska Student Loan Program. You must be a dependent student in good standing at an accredited Alaska postsecondary institution. Your cumulative grade point average should be 2.0 or higher, depending upon your major. Students who entered college after July 1, 1991, are eligible if they have attended at least half time for three or more semester quarters. As long as you are in good standing, you can continue to borrow even after you complete your undergraduate studies. You must be either a resident of Alaska or a U.S. citizen. You cannot borrow from the Alaska Student Loan Program if you owe a student loan from another state. You can only borrow one loan per calendar year. The maximum loan amount is $8,000.00.

What types of schools are eligible for AEL?

Any public community or technical college located in Alaska, including tribal colleges and universities, is eligible for AEL assistance. Private institutions and trade schools are also considered eligible. An eligible institution must be approved by the board of regents prior to accepting AEL funds. In addition, a student must be enrolled at least half-time or take classes at least 30 hours per quarter. However, students enrolled in less than six-credit hours for a given course are still eligible if they are making satisfactory progress toward completion of the program. There is no limit on the number of credits a student can earn. However, the total cost of tuition and fees, room and board, books, supplies, and fees for an entire academic year cannot exceed $9,000.00. Financial aid is not counted towards the total amount of the loan. Funds borrowed under the Alaska Student Loan Program are non-federal loans that are subject to the same terms and conditions as other private student loans. Payments begin immediately following graduation or enrollment in a graduate program. Repayment begins three years after graduation or nine months after the commencement of graduate study, whichever comes first. If you fail to repay the loan, your lender may charge collection fees and may pursue legal action to collect the outstanding balance. These charges are not covered by AEL. The Alaska Student Loan Program requires borrowers to make monthly payments equal to 15% of the unpaid principal balance, plus interest. The interest rate is tied to the prime lending rate published by the Federal Reserve Bank of New York City.

Can I use my Alaska Student Loan to pay for undergraduate and graduate degrees?

Yes! If you choose to attend a private college, you can use your AEL funds to pay for both undergraduate and graduate courses. If you attend a public college, you may be able to take advantage of the opportunity to work on campus while studying at the same time. However, the Alaska State Legislature has determined that only a portion of AEL funds may be used for graduate student loans. Graduate students who qualify for federal or private loans may apply for these loans instead of using AEL funds. Remember, when you borrow from AEL, the Alaska Student Loan Program makes no guarantees regarding future employment opportunities or job placement once you graduate.

Do I need to disclose my AEL application when I apply for admission to a California school?

In general, California accepts applications from international students without requiring proof of having applied for financial aid elsewhere. However, some schools require evidence of having applied for financial assistance from another state. For example, if you intend to transfer to UC Davis, you must certify that you have submitted a completed FAFSA and received a federal grant, scholarship, or fellowship before you can be admitted.

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