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Alaska Supplemental Education Loan (ASEL)

5.37% – 9.09% APR (5.50% – 10.00%) 

 

ASEL-web

 

A low-cost education loan option for Alaskan students to use for postsecondary education in Alaska, out-of-state, or for career training programs. Students can choose from two payment options:

  • Full Deferment – No payments while enrolled in school and during grace period
  • Immediate Repayment – Make fixed monthly payments of $50 per loan while enrolled in school and during grace period

For more information, check out Choosing Your Repayment Type below.

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Eligibility

  • Be an Alaska resident, or attend an eligible Alaska school
  • Have a FICO credit score of at least 650 and an absence of adverse credit, or apply with an eligible cosigner
  • Be enrolled at least half-time
  • All other requirements can be found here

Loan Limits

ACPE encourages borrowers to make sound financial decisions when it comes to taking out a student loan. For additional information and guidance in making this selection, please review our Before You Borrow guide.

Program
Annual
Aggregate
Undergraduate Full-time* enrollment - up to $24,000
Half-time enrollment - up to $12,000 		$96,000
Graduate Full-time* enrollment - up to $24,000
Half-time enrollment - up to $12,000 		$96,000
Career Training Full-time* enrollment - up to $24,000
 $96,000


Note: You may receive up to $96,000 for combined undergraduate, graduate and career training programs. Students who have borrowed up to the cumulative maximum may receive additional loans if the current total principal balance owed, including the new loan amount, does not exceed the cumulative maximum.

Cumulative maximums include any prior ACPE loans paid-in-full and outstanding Alaska Supplemental Education Loans, Family Education Loans, Memorial Education Loans and Teacher Education Loans.


*An undergraduate student enrolled in a minimum of 12 semester credit hours or equivalent per academic term. A graduate student enrolled in a minimum of 9 semester credit hours or equivalent per academic term. A student enrolled in a Career & Technical Education (CTE) program of at least 30 clock hours per week for a minimum of 6 weeks. For flight school, students must log a minimum of 17 hours per month or 51 hours for a three-month period.

*Learn more about how we determine your interest rate – unlike for-profit lenders, we tell you exactly what criteria we will use.

See prior rates here

During the application process, you must select your repayment type during the in-school period. You can choose full deferment or immediate repayment while enrolled in school at least half-time. It’s important to understand the terms and conditions when deciding which option is best for you. Once you confirm your selection, you cannot change the repayment type. Review our Loan Application FAQs for more information.

Repayment Type
Description
Benefits
Considerations
Immediate Repayment (Flat Payment) Make low fixed monthly payments of $50 per loan while enrolled in school and during the grace period. In-school payments begin upon first disbursement. Regular principal and interest payments will be due after you leave school or drop below half-time
  • Receive a lower interest rate
  • Save money on interest
  • Pay your loan off faster
  • Reduce your overall costs of borrowing
  • No deferment or reduced payment plans while you are in school
  • Failure to make the required payments can result in negative consequences including default and transfer to a collection agency
Full Deferment Make no payments while enrolled in school. Regular principal and interest payments will be due approximately six months after you leave school or drop below half-time
  • No payments required while enrolled in school and during grace
  • Higher interest rate
  • Interest will accrue and unpaid interest will be added to your principal balance when you enter repayment

Before you take out the Alaska Supplemental Education Loan, there is important loan information you should know. At ACPE, we've put this together in one spot for you to review: ACPE Loans - What You Need to Know


Your Alaska Supplemental Education Loan application will be processed by CampusDoor. By clicking “APPLY NOW” above you will be redirected to CampusDoor to complete your loan application. If you need assistance or have questions about your application, you may contact CampusDoor 8:00 a.m. to 5:00 p.m. AKST by calling (855) 210-8183 or email answers@campusdoor.com.