Arkansas EdLoan For Nurses
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Registered nurses constitute the largest health care occupation, with 2.4 million jobs.
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About 3 out of 5 jobs are in hospitals.
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The three major educational paths to registered nursing are a bachelor’s degree, an associate degree, and a diploma from an approved nursing program.
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Registered nurses are projected to create the second largest number of new jobs among all occupations; job opportunities in most specialties and employment settings are expected to be excellent, with some employers reporting difficulty in attracting and retaining enough RNs. Source: U.S. Dept. of Labor (Bureau of Labor Statistics)
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:
- Loans disbursed prior to June 30th, 2006 are variable and are 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.
- Stafford Loans disbursed on or after July 1, 2006 are fixed at 6.8%
- Graduate PLUS Loans disbursed on or after July 1, 2006 are fixed at 8.5%. Click the following link for more information on the Graduate PLUS Program.
Arkansas EdLoan Loan Eligibility:
- Federal Stafford Student Loan disbursed after June 30, 2005 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 Federal Graduate PLUS Loans.
- Borrower must be a nursing professional holding a valid Arkansas L.P.N. or R.N. license.
- Borrower must be a full time nursing professional in an Arkansas health care facility, including on-site company medical clinics.
When can I apply?
You may apply anytime once your loans have entered repayment status.
AM I ELIGIBLE? Click on the checklist above to find out!
Where can I apply?
Click Here to Apply Online for the Arkansas Nursing 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.
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 discount will be granted in increments of one-year ending on December 31.
ASLA may contact the Arkansas State Board of Nursing 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 State Board of Nursing 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.
The Arkansas EdLoan Program will be continued subject to available funding.
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