Repayment begins no later than six months after the borrower ceases full-time study. The 1999 - 2000 finance charge is 8.3 percent interest a year on the outstanding balance. The state of Alaska will pay the interest for students during qualifying periods. The priority deadline for receipt of applications is May 15 for the school year beginning in the fall. Applicants must apply each year.
Applications are available throughout the state at high schools and postsecondary schools.
William D. Ford Federal Direct Loan and the federal Stafford Loan Programs . 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. The interest rate varies annually and is capped at 8.25 percent.