Financial Aid Office

Contact info:
UAF Office of Financial Aid
107 Eielson Building
P.O. Box 756360
Fairbanks, AK 99775-6360
Phone: 907-474-7256
Toll free: 888-474-7256
Fax : 907-474-7065
Email: financialaid@uaf.edu

Staff:
Financial Aid directory listing

UAF's FAFSA school code: 001063

Loans

A loan for college costs is money that must be repaid. Loans represent a major source of assistance you should consider as you try to meet the full costs of your education. Educational loans generally have long-term repayment schedules, offer low interest rates, often have provisions for deferring payments and may offer additional benefits related to financial need.

Before you borrow money for college, you should understand the specific conditions and requirements regarding disbursements, deferments and repayment options. If you fail to meet the conditions of the promissory note, you may be denied all federal aid, lose your good credit rating and be unable to borrow money to buy a car or home. Loan terms are subject to change at any time.

How to apply for loans
Federal loans
Alaska state loans

How to apply for loans

Step 1

Complete steps 1-3 of how to apply for financial aid.

Step 2

You may qualify for state or federal loans.

Step 2A: Go to UAOnline and accept full or partial amount of state and/or federal loans offered to you (refer to the award notice e-mailed to you by the Financial Aid Office).

ť UAOnline tutorial video: How to accept financial aid

THIS STEP MUST BE COMPLETED OR LOAN REQUESTS WILL NOT BE PROCESSED.

Step 2B: Select a lender (if applying for a loan)
- Compare student loans, including student loan consolidation, college loans and refinancing online at SimpleTuition.
- Review an alternative loan comparison chart (PDF)

Step 2.C - Apply for a Federal Direct Loan
If you would like to use another lender for your loan, please contact the Financial Aid Office.

Step 2.D - Apply for an Alternative Loan (optional)
If you need additional funds and have exhausted all other options, you may want to consider an alternative loan. Follow the instructions on the lender's website:
- Alaska Supplemental Education Loan (A.S.E.L.)
- Chase Bank
- Sallie Mae
- Wells Fargo
- If you would like to use another lender for your alternative loan, please contact the Financial Aid Office.
Step 2.E - Apply for a Direct Plus loan at https://studentloans.gov/myDirectLoan/index.action

Step 3

Complete steps 4-7 of how to apply for financial aid.

Federal loans

Federal Stafford Loans

The Direct Loan program provides loans from the U.S. Department of Education through UAF. The Stafford Loan program provides loans from a lender such as a bank, through a guarantee agency and UAF. There are two types of loans: subsidized and unsubsidized. You qualify for a subsidized loan if you have financial need. Subsidized means the government makes interest payments on your loan while you are in school, in your grace period or in deferment. Unsubsidized means that you are responsible for interest payments, even while you are in school.

Eligibility:

Students must be enrolled in at least six credits to qualify for a federal loan.

Award amount:

Yearly limits for dependent students are $3,500 for first-year students (less than 30 earned credits), $4,500 for second-year students (30-59 earned credits) and $5,500 for third- or fourth-year students (60 or more earned credits). Independent students may borrow, including the subsidized federal loan, up to $7,500 (as a first-year student less than 30 earned credits), $8,500 as a second-year student (30-59 earned credits) and $10,500 as third or fourth-year students (60 or more earned credits). Graduate students may borrow $20,500, of which $8,500 can be a subsidized loan. The interest rate varies annually and is capped at 8.25 percent.

The following table outlines what your monthly payments would be over a 10-year repayment period.

Total Loan	Monthly Payments	8.25% Interest	Total Repayment
$ 5,000	$ 61	$ 2,359	$ 7,359
$10,000	$123	$ 4,718	$14,718
$15,000	$184	$ 7,098	$23,078
$20,000	$233	$ 8,965	$28,965
$25,000	$307	$11,796	$36,796

How to apply:

Apply online for a subsidized or unsubsidized loan.

Federal Parent Loan for Undergraduate Students (PLUS)

Alaska state loans

The Alaska Commission on Postsecondary Education (ACPE) offers both federal and state loan programs through AlaskAdvantage. Through its federal component, AlaskAdvantage offers Stafford (subsidized and unsubsidized) and PLUS Loans. State loans offered through AlaskAdvantage include the Alaska Supplemental Education Loan (ASEL), the Family Education Loan, the Teacher Scholarship Loan and the Winn Brindle Scholarship Loan.