ANCHORAGE — A former Anchorage Rhodes and Fulbright scholar pleaded guilty in federal court Thursday to charges that she invested hundreds of thousands of dollars from student loans in stocks and a business venture rather than her education.

Rachel Yould, 38, had previously insisted she was innocent -- a legitimate student funding an expensive education. She was handling the debt until the student loan terms changed and her required payments skyrocketed in the mid-2000s, she said.

But prosecutors said she was a master manipulator who created a second legal identity for herself, invented fictitious jobs and wildly exaggerated her income as part of a scheme to win the student loans.

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