ACPE Parent Student Loan Review
Alaska Family Education Loan
The Alaska Family Education Loan stands out as one of the parent loans with the fewest barriers to qualify and some of the most flexible repayment options. Note, however, that this loan is only available to Alaska residents.
How does this loan compare?
Alaska Commission on Postsecondary Education (ACPE)’s parent loan is best suited for individuals seeking a lender with a straightforward application process and a flexible repayment schedule. You only need a 680 credit score to qualify, having a cosigner is optional, and the student does not need to maintain Satisfactory Academic Progress. To be able to take out this loan, you only need to prove that you’re an immediate family member of the student.
When it comes to repayment, ACPE will actually allow you to defer repayment while the student is still in school, an option most other parent loans do not offer. That being said, they only offer two repayment terms, 10 years or 15 years. They also require the student to be enrolled full-time. And if you decide to use a cosigner, be aware that ACPE does not offer cosigner release.
The biggest thing to remember with this parent loan is that it is only available for Alaska residents.
Alaska Commission on Postsecondary Education (ACPE) - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 10, 15 years
- Minimum Borrowing Limit: Not specified by lender
- Yearly Borrowing Limit: $14,000
- Aggregate Borrowing Limit: $56,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: 680
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Full-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, 50
- Interest-Only Repayment: None
- Full Deferment: Yes
- Length of Grace Period: None
- Maximum Deferment Period: 12 months
- Maximum Forbearance Period: Not specified by lender
- Cosigner Release Option: None
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Not specified by lender
- Hours of Operation (in addition to weekdays): No Evenings or Weekends
- Application Timeline: Not specified by lender
- Scholarship Search Tool: None
- Sponsors a Scholarship: Not specified by lender
- Job and Career Assistance: Yes
- Financial Literacy Training: Not specified by lender