Arkansas EdLoan Empowers Arkansans Who Provide Critical Services to Our Communities!
Thanks to a special student loan repayment program designed exclusively to make the cost of education and training for jobs and professions which fulfill community education and health needs more affordable and rewarding than ever.
WHY? Why is the Arkansas EdLoan important?
ASLA's 1st goal is to ecourage Arkansans to choose a career which gives back to the community such as education, healthcare or public service. The 2nd goal is to increase employment retention in these critical-needs professions by providing affordable student loan financing.
HOW? How does the Arkansas EdLoan benefit qualified borrowers in repayment?
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
FFELP 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
WHAT? What qualifies as an eligible loan for the Arkansas EdLoan Program?
WHEN? When is the borrower eligible to receive the Arkansas EdLoan benefits ?
- Borrower must currently be in repayment of Federal Stafford Student Loans and/or Graduate PLUS Loans.
- Borrower must hold a valid Arkansas certification or valid Arkansas license as required by the profession.
- Borrower must be employed full-time by an Arkansas employer (public or private) providing services as certified. Except Arkansas National Guard which must be Active Drilling Status.
WHO? Who fits the Arkansas EdLoan critical-needs professions criteria?
Visit our Frequently Asked Questions page.
The Arkansas EdLoan Program will be continued subject to available funding.
*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.