Private Student Loans
The direct cost of education may not be completely covered by the financial aid. Students and families often look to fund the shortfall with private student loans.
A few tips about borrowing a private student loan –
- To get the best interest rate, students are encouraged to apply with a co-signer.
- Rates are based on your credit score.
- Federal student loans may be eligible for loan forgiveness programs, where private loans are not. If you plan to be employed by a federal, state, local, or tribal government or not-for-profit organization, a private loan may not be a good option. (Examples – School, state, military, non-profit hospital, etc.)
- ASLA provides the Loan Comparison Tool to help families determine which borrowing options are most cost-effective. This tool also provides an annual college funding plan using a family’s college savings information and available monthly cash contributions.
ASLA offers Arkansas students and families competitive rates, and a variety of payment plans to best benefits borrowers through the Arkansas Education Loan Program.