Arkansas College Loan Programs

Explore Your Government Funding Sources

In conjunction with the State of Arkansas the Arkansas Student Loan Authority (ASLA) manages the Federal Family Education Loan Program as well as provides state students with attractive borrower tools and incentives.

Secondary market providers like ASLA work hand in hand with state governments to assist state residents in securing the college funding they require at the most affordable rates available.

About ASLA

The Arkansas Student Loan Authority is a non-profit loan agency contracted by the State of Arkansas. State residents may access affordable federal loans, such as the Stafford and PLUS loans. ASLA, like many other state-sanctioned providers is often able to offer in-state students the same federal loans, but with lower rates and discounts.

Loans available for Arkansas students through ASLA:

Applying for Loans from ASLA

Borrowers must first apply for Stafford Loans by completing the FAFSA. These are the single most disbursed federal loans and almost every student borrower qualifies for some level of federal aid. Stafford loans are not credit-based.

Parents and Grad students interested in the Arkansas PLUS Loans, are however, required to submit to a credit check. If you are a borrower with less than ideal credit, even bad credit, plan in advance to simply borrow with a willing and creditworthy co-signor. Traditionally co-borrowers are a parent, another relative or trusted friend. Whoever you choose, make sure they have decent credit and an acceptable debt-to-income ratio. This ratio relates to their income in contrast to the amount of debt they already carry. It does not have anything to do with their payments, but is an indicator of how financially strapped they are. If you are able to apply on your own, you will also be required to prove that you earn an income.

For fast credit pre-approval complete the ASLA form online.

Repaying Loans

In many cases agencies like ASLA are able to negotiate terms of repayment for students that allow for affordable and manageable payments. Borrowers may choose from plans that allow students to defer principal payments and only make payments on the interest; pay both in tandem as soon as the loan is made to the college; or an option to defer both until after graduation.

Guess what? ASLA bundles in attractive rate reductions for good loan repayment practices.

Arkansas EdLoan: Loan Incentives for Special Professions

Besides the typical menu of FFELP loans and alternative loans, ASLA also manages the Arkansas EdLoan program, a loan incentive program aimed at special professions, like teachers and nurses. Like many other states, Arkansas suffers from shortages of health care professionals, teachers and law enforcement personnel. EdLoan attempts to boost the numbers of these professionals who remain working and living in the state. The program basically offers students pursuing these fields a very low-interest student loan that may be waived if borrowers stay in Arkansas after graduation and work in areas of critical need.

NOTE: The EdLoan program is occasionally unavailable due to budgetary constraints and credit market conditions.

For the most up-to-date ASLA loan availability information, visit the ASLA website.


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