An analysis was conducted of the Alaska Student Loan Program (ASLP), especially as it was used for borrowing for short-term training at vocational schools. An immediate effect of the ASLP program was a rapid increase in the number of postsecondary institutions (primarily vocational schools); the peak number of borrowers was reached in 1985, and thereafter there was a decline in both the overall number of borrowers and in the number of vocational borrowers. This study examined loans awarded to 82,971 borrowers from 1979 through 1994. Major findings indicated that more than 60 percent of borrowers remained Alaska residents; average earnings of those working one or more quarters in 1994 were 8 percent higher than the Alaska average; the top 14 majors accounted for 46.6 percent of all loan recipients; loan defaults were 13.4 percent of students attending four-year schools and 31.4 percent of borrowers attending two-year or vocational schools. The report addresses impacts of defaults on borrowers, on the ASLP, and on the state. It offers recommendations such as limiting ASLP loans to attendance at regionally or nationally accredited institutions, reducing loan maximums for short-term programs, and eliminating interest free periods. Appended is a table detailing data from the study. (DB)