Arkansas Student Loans

As a student in Arkansas, you probably realize that some of the best colleges and universities in the country are found in your home state. In fact, many private institutions in Arkansas don't get the recognition they deserve. However, in studying the various excellent schools, you are may also find that the cost of attending one of these great academies is far beyond your means. Arkansas student loans can help to offset the cost of a degree, filling in the gaps where grants and federal funding leave off. While the Arkansas Student Loan Authority is authorized to manage the disbursement of federal funding, including the FFELP program, it also provides the necessary alternative loan opportunities to bridge the gap and cover the rest of the tuition and fees associated with college.

As a non-profit agency, the ASLA has access to state educational bonds that are tax exempt, which can be used to fund federal money programs, such as the Stafford and PLUS loans, at a lower interest rate. However, taking out an alternative loan is often required for students to be able to cover the entire cost of college. In Arkansas, the ASLA partners with EdFinancial to provide customized low interest loans with long term repayment plans. There are several options available:

EdFinancial Private Loan for Undergraduate Students — eligibility rests on enrollment in a 2- or 4-year undergrad degree program and amount of tuition to be covered after granted federal funding.

EdFinancial Private Loan for Graduate Students — eligibility pending enrollment in half- or full-time graduate studies.

EdFinancial Private Loan for Continuing Education Students - non-traditional students eligible for between $1000 and $30,000 for part-time studies.

Approval for these loans is subject to good credit history or the good credit history and low debt-to-income ratio of a co-borrower. These loans are configured to have low interest rates from the start; however, incentives are available to help lower interest even further. On time payments and direct payments from your checking account can reduce your interest rates. You may also qualify for payment deferral or interest-only payments until completion of your degree program.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.