Edloan Program Overview
Interest Rate Reductions (based on loan guarantee date)
ASLA's first goal is to encourage Arkansans to choose a career that gives back to the community such as education, healthcare or public service. The second goal is to increase employment retention in these critical-needs professions by providing affordable student loan financing.
|
Effective Guarantee Date |
Edloan Critical Career Discount |
Auto Debit Discount |
Maximum Total Discounts |
|
Prior to May 1, 2008 |
3% |
1% |
4% |
|
May 1, 2008, to
June 30, 2008 |
1% |
1% |
2% |
|
On or after July 1, 2008 |
Due to market conditions, ASLA has temporarily suspended the EdLoan Program until further notice. |
FFELP Interest Rates
- Federal Stafford Loans disbursed prior to June 30, 2006, are variable rate loans which 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.
- Federal Stafford Loans disbursed on or after July, 1, 2006, have a 6.8% fixed interest rate.
- Federal Graduate PLUS loans disbursed on or after July 1, 2006, have an 8.5% fixed interest rate.
Qualification Criteria
- Loans must be or must have been originated by ASLA, or an ASLA participating lender, and serviced by ASLA's contracted loan servicer, Edfinancial Services.
- Federal Parent PLUS Loans and consolidation loans are not eligible.
- Borrower must currently be in repayment of Federal Stafford Loans and/or Graduate PLUS Loans.
ASLA reserves the right to modify, reduce, or discontinue these repayment benefit programs at anytime without notice.