$1,702 Stimulus Payment Coming in July 2025: In July 2025, Alaska residents will receive a $1,702 stimulus payment as part of the Alaska Permanent Fund Dividend (PFD). This payment, derived from the state’s oil revenues, is designed to share the wealth generated by Alaska’s oil industry with its residents. This article will break down the eligibility, application process, and other essential information you need to know about this upcoming payment.
$1,702 Stimulus Payment Coming in July 2025
The $1,702 stimulus payment coming in July 2025 is a valuable benefit for eligible Alaskan residents, offering a share of the state’s oil wealth. Whether you plan to save, invest, or spend the money locally, the PFD is an essential financial support system for many in Alaska. Be sure to check your eligibility and keep an eye on the payment schedule to ensure you don’t miss out on this financial opportunity.
| Key Data | Details |
|---|---|
| Stimulus Amount | $1,702 per eligible person |
| Eligibility Requirements | Must be a resident of Alaska for the entire 2023 calendar year |
| Payment Dates | July 17, 2025 (First round), August 21, 2025 (Second round) |
| Eligibility Criteria | Residency in Alaska, no felony convictions, not absent more than 180 days |
| Application Deadline for 2024 | March 31, 2024 |
| Official Website for Application | pfd.alaska.gov |
What Is the $1,702 Stimulus Payment?
The $1,702 stimulus payment is part of the Alaska Permanent Fund Dividend (PFD), a yearly distribution of oil revenues that helps fund a variety of public projects and provides financial relief to eligible residents. The payment includes a base amount of $1,440, plus an additional $262 as an energy relief bonus, owing to high oil prices. This payment is designed to help boost the local economy by providing residents with an annual share of the state’s wealth.
Since 1982, the state of Alaska has been distributing PFDs to its residents as part of the Alaska Permanent Fund, which invests in Alaska’s oil revenues. This system has helped to offset the higher living costs in the state while promoting long-term financial stability.
Historical Overview of the Alaska Permanent Fund Dividend
The Alaska Permanent Fund was created in 1976 to ensure that the state’s oil revenues were used wisely for future generations. The fund itself is financed primarily by taxes on oil production. Every year, a portion of the earnings from the fund is distributed to residents in the form of the PFD.
Initially, the PFD amount was relatively modest, but as oil revenues grew, so did the payments. Over the years, the PFD has become a financial lifeline for many Alaskan residents, helping to alleviate the high cost of living, particularly in remote areas where goods and services are more expensive.
How the Dividend Is Calculated?
The amount of the PFD varies each year based on the performance of the Alaska Permanent Fund. The dividend is generally calculated by taking a portion of the fund’s earnings, and the amount is determined by the Alaska Permanent Fund Corporation (APFC).
A key factor in determining the dividend is the average market value of the fund, which is calculated over a five-year period. While the base dividend has fluctuated over time, the formula has been designed to balance sustainability with providing meaningful financial support to residents. In 2024, the amount was calculated at $1,702 per eligible resident.
The PFD’s formula helps ensure that the dividend is fair and equitable, while also ensuring the long-term health of the Permanent Fund. However, the amount can vary each year depending on market conditions and the performance of the state’s investments.
Key Eligibility Criteria
To qualify for the 2024 PFD, applicants must meet the following criteria:
- Residency: You must have been a resident of Alaska for the entire 2023 calendar year.
- No Claims in Other States or Countries: You cannot have claimed residency in another state or country since December 31, 2023.
- Incarceration: Individuals convicted of a felony or certain misdemeanors during the eligibility period won’t qualify for the dividend.
- Absence from Alaska: If you were absent from Alaska for more than 180 days in 2023, you may not qualify unless you meet certain exceptions.
Payment Schedule and Process
The $1,702 stimulus payment will be distributed in two rounds:
- July 17, 2025: The first round will be sent to applicants who have an “Eligible-Not Paid” status as of July 9, 2025.
- August 21, 2025: The second round will be sent to applicants who qualify by August 13, 2025.
If you’ve applied and qualify, these payments will be sent via direct deposit or mailed check, depending on your chosen payment method when you applied.
How To Apply for the $1,702 Stimulus Payment Coming in July 2025?
To apply for the 2024 PFD, follow these steps:
- Create or Log Into MyAlaska Account: Visit the official MyAlaska Portal. If you don’t have an account, create one.
- Complete Your Application: Fill out the necessary information and provide any supporting documentation to prove your residency and other eligibility criteria.
- Check Your Status: Once your application is processed, you can monitor the status of your application on the Alaska PFD website.
Be mindful that the deadline for applications for 2024 was March 31, 2024, but you can apply for the 2026 dividend starting January 1, 2026.
Impact of the PFD on Alaska’s Economy
The PFD plays a crucial role in Alaska’s economy. It has provided residents with additional financial security, especially in rural areas where job opportunities can be scarce and the cost of living can be high. The PFD also helps to stimulate local businesses, as many residents spend the money within the state. Additionally, it provides a boost to the state’s retail, tourism, and hospitality industries.
A study by the Institute of Social and Economic Research at the University of Alaska found that a large portion of the PFD is spent on goods and services, thereby supporting the state’s economy. In this way, the PFD is not just a financial boon to residents, but it also contributes to maintaining economic activity and vitality across the state.
Challenges and Criticisms of the Program
While the Alaska Permanent Fund Dividend is widely appreciated by residents, the program faces several challenges. One of the biggest criticisms is the sustainability of the dividend. As oil revenues fluctuate, so too do the dividends, and some worry that if oil prices drop significantly, the PFD may not be able to continue at current levels.
Another issue is the fairness of the program. Some argue that the PFD disproportionately benefits those who don’t need it, such as high-income individuals. Critics have suggested that the money could be better spent on public services, education, or infrastructure development.
Senior Couples Set to Get $3,089 Social Security Payment in July- Check Eligibility Criteria!
$45 Million in Unclaimed Stimulus Payments to Be Sent Out This Summer—Is Your State on the List?
4 Financial Mistakes Americans Keep Making That Wreck Their Budgets
