ACPE Parent Student Loan Review
Alaska Family Education Loan
Rewards: Autopay Discount
Annual Loan Limits: $14,000 (maximum)
Overall Loan Limits: $56,000 (aggregate maximum)
Cosigner Terms: Cosigner optional, does not offer Cosigner Release
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.
Pros
- Offers a partial forbearance option
- Offers tutoring as well as job and career assistance to borrowers
- Allows you to defer repayment while your student is still in school
Cons
- Does not offer cosigner release
- Only available to Alaska residents
- Requires the student to be enrolled full-time
How does this loan compare?
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|---|---|---|---|
| Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include all available discounts. |
Fixed:
6.75% - 7.00%
Variable:
Not Available
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Fixed:
5.74% - 16.85%
Variable:
6.07% - 16.85%
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Fixed:
3.47% - 17.99%
1
Variable:
4.99% - 17.99%
1
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| Loan repayment terms (Years) | 10, 15 years | 5 years, 7 years, 10 years, 15 years | 5, 15 years |
| Cosigner release? | None | Yes, after 24 months on-time principal and interest payments | Not specified |
Full Review
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: None
- 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
