As for the impact of this change, University of Anchorage Alaska financial assistance director Ted Malone estimated that "between 75 to 80-percent of students between 18 and 29 are likely not to have a 680 score." Those that don't achieve that score will need to find a co-signer that does.
As for the size of the alternative loan program, Alaska Student Loan Corporation indicated in the 2007-08 Annual Report (Download Alaska_08_Annual_Report), that their Alternative Loan originations totaled up to $46.3 Million (page 6).
In terms of cohort defaults on their private loan portfolio, here is what was reported in their 2007-08 report:
Continue reading "Alaska Private Loan Program To Require FICO Score of 680 For Approval" »
