Alaska Family Education Loan - Alaska Student Loans

Alaska Family Education Loan

The Family Education Loan (FEL) is available to family members wishing to help students with education expenses.

5% fixed interest rate
3% origination fee
.25% discount for autopayment
2008-2009 Interest Rates with Benefits

Percentages

Base Rate

5.00% (6.31% APR)1

Direct Payment Benefit

-0.25%

Lowest Cost Interest Rate Equivalent

4.75%

Borrowing Limits

Annual Limit

Career Training (Vocational)

$6,500

Undergraduate

$8,500

Graduate

$9,500

Eligibility

Borrower (family member applying for loan) must be an Alaska resident
Student must have a high school diploma or equivalent (i.e., GED)
Student must be enrolled and admitted into an eligible program on a full-time basis
Neither the student nor the borrower can be in default on a federal or state education loan
Neither the student nor the borrower may be past due on an Alaska child support obligation
Borrower must not have an adverse credit history
How to Apply

You can apply online, stop by our office in Anchorage or Juneau, or an application is available for download. Remember:

Family members may only borrow up to the student's cost of attendance as certified by the school, not to exceed the annual limits listed above.
Discuss financial aid options with the school. Many schools offer different financial aid programs. School financial aid experts can advise you regarding which aid is suitable for you. The school may also have specific criteria and deadlines, and you may miss out if you apply without first discussing your options with the school. Inform your school of your financial aid decisions.
1The APR assumes a principal loan amount of $8500, origination fee of 3%, freshman student, and a repayment term of 10 years. The APR does not include the effects of borrower benefits.

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