ARKANSAS EdLoan PROGRAM

Frequently Asked Questions

What application information will be shared with certifying or licensing agencies or my employer?

• Name, Address, Social Security number (to confirm identity) and certification or license number.

What is a certifying or licensing agency:

• Usually a state agency or state sanctioned agency charged with the duty of developing and maintaining standards for skills, ethics and education of specific professions.

Are all my student loans eligible for this program?

• For teachers, the loans must be Federal Stafford Student Loans in repayment and were disbursed after June 30, 1998.
  
• For nurses, paramedics, law enforcement officers & members of the National Guard, the loans must be Federal Stafford Student Loans in repayment and were disbursed after July 1, 2005.
  
• All Graduate PLUS loans disbursed after July 1, 2006 will be eligible for the EdLoan Program upon entering the repayment period.

Is acceptance into the EdLoan program for the life of the loan/until the loan if paid in full?

• You will be removed from the program if you:
  • allow your certification lapses or becomes void;
  • go back to school and your loans are returned to a deferred status;
  • change your employment status from full-time to part-time;
  • are no longer employed by an agency or company as described in the qualifications section;
  • chose to consolidate your student loans.

I went back to school to get a 2nd degree to teach.  Are the loans I took out for my first degree eligible to be included in this program or only those I took out while enrolled for my 2nd degree?

• Yes.  Any Stafford loan in repayment that meets all the qualifications is eligible for the EdLoan program benefits while you are employed full-time by a public or private school or school district.

I am paying on the PLUS loans my parents took out for me to attend school.  Are these loans eligible for the Arkansas EdLoan program?

• No.  Federal Parent PLUS loans are not eligible for the EdLoan Program.

I don’t know who originated my student loans.  What should I do?

• Complete the application requesting that we verify eligibility.  If your loans were originated by ASLA or an ASLA participating lender and have not been consolidated, those loans will be eligible.  If they were not originated by ASLA or an ASLA participating lender and/or are consolidated, you will receive a letter of denial.

Some of my loans were originated through ASLA or by one of the participating lenders on the Arkansas Community Lender list but not all were.  Will ASLA put all of those loans into the program?

• Unfortunately we are only able to offer these savings on loans which were originated by ASLA or by an ASLA participating lender.  However, we are more than happy to accept those loans that are ASLA loans into the programs so that you may benefit from the savings being offered.