Arkansas EdLoan for Teachers

“A teacher affects eternity; he can never tell, where his influence stops.” Henry Brooks Adams  

“Teachers teach because they care. Teaching young people is what they do best. It requires long hours, patience, and care.” Horace Mann

Arkansas EdLoan Benefits:

 

Loans guaranteed on/after May 1, 2008:

1% interest rate reduction for qualified loans

1% interest rate reduction for auto-debit payments

2% maximum reduction on total interest rate

 

Loans guaranteed prior to May 1, 2008:

3% interest rate reduction for qualified loans

1% interest rate reduction for auto-debit payments

4% maximum reduction on total interest rate

Arkansas EdLoan Interest Rates:

• Federal Stafford Loans disbursed prior to June 30th, 2006 are variable*
• 6.8% fixed - Federal Stafford Loans disbursed on or after July 1, 2006 
• 8.5% fixed - Federal Graduate PLUS Loans disbursed on or after July 1, 2006.  

Arkansas EdLoan Loan Eligibility:

• Federal Stafford Student Loan disbursed after June 30, 1998 must be in repayment. 
• Graduate PLUS loans disbursed on or after July 1, 2006 must be in repayment.
• Loans must be originated by ASLA (or an ASLA participating lender) and serviced by ASLA's contracted loan servicer, EdFinancial Services.
• Federal Parent PLUS and consolidation loans are not eligible.

Arkansas EdLoan Qualifications:

• Borrower must currently be in repayment of Federal Stafford Student Loans or Graduate PLUS Loans.
• Borrower must be an educator holding a valid Arkansas Teaching Certification. 
• Borrower must be a full-time educator in an Arkansas public or private school working with grades K-12.

When can I apply?

You may apply anytime once your loans have entered repayment status.

Where can I apply?

Click Here to Apply Online for the Arkansas Teacher EdLoan  

After you submit the completed form, certification and employment will be verified if loans meet the borrower qualifications.  All information is required to be completed on the form.  An incomplete application cannot be processed.

Am I Eligible?  Click on the checklist above to find out! 

When will I receive my interest rate reduction?

The interest rate reduction will be granted beginning the date Arkansas EdLoan eligibility is verified and will end December 31 of the calendar year in which the reduced rate has been granted.  The reduction will be granted in increments of one-year ending on December 31.

ASLA may contact the Arkansas Department of Education and the employer listed on the application on an annual basis to determine if the borrower remains eligible for the Arkansas EdLoan. For certification purposes, your application information may be shared with the Arkansas Department of Education and/or your employer.   The borrower will be responsible for notifying ASLA of any change of employment or address. 

Participation in the EdLoan Program is subject to ASLA approval.

 *Federal Stafford Loans disbursed prior to June 30th, 2006 are variable and will be adjusted annually on July 1, according to a formula set by Congress that is based on the results of the last Treasury Bill auction in May.