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bullet point one   Fixed Rate

bullet point two   Multiple Repayment Options

bullet point three   An interest rate reduction for
        using auto-debit during repayment

bullet point four   A cosigner release option

Fixed Rates

2.95% to 6.55% APR

*The lowest stated rate includes an auto-debit reduction of 0.25%.


step one


Get your rate in less than a minute without impacting your credit score.

step two


Enter information about yourself and your student, choose from the multiple repayment options, and then sign your application.

step three

Sign and Accept

Review and sign your application and upload any supporting documents.


ASLA is committed to helping you and your family make informed and responsible college financing decisions. Our College Finance Planner will help you understand college costs at undergraduate institutions so you can make a decision that's right for your family.


The Arkansas Family Education Loan offers multiple repayment options so you can choose what works best for your financial situation.

It is important to understand how much you owe in principal on your loan versus how much you owe in interest. The type of repayment plan you select can significantly impact the amount of interest you pay over the life of the loan. You can calculate the numbers yourself using our student loan repayment calculator.

repayment option comparison graph

Immediate Payment Option

In College You Pay... After College You Pay...
Principal & Interest Principal & Interest

Pay Now

   Requires monthly payments of principal and interest while your student is in school. This option will save you money!

Interest-Only Payment Option

In College You Pay... After College You Pay...
Interest Payments Principal & Interest

Pay Interest During School

   Requires monthly interest payments while your student is in school and during the separation period.


Yes, you or your student are required to be an Arkansas resident or your student is attending school in Arkansas.

You must compare interest rates, origination fees and other loan features to determine which loan is best for you. ASLA can help you make a comparison between the Family Loan and the Federal Parent Plus Loan to determine which program best benefits your family.

Students cannot apply for or cosign an application for the Arkansas Education Family Loan. The student has no obligation to repay this loan, and it is not transferrable to the student after they leave school.

To be eligible for an Arkansas Education Family Loan, you must:

  • Not have defaulted on any private or government student loan.
  • Be a citizen or permanent resident of the United States. Cosigners must be citizens or permanent residents of the United States and must reside in the United States. Military addresses are considered U.S. addresses if designated as an APO or FPO.
  • Be of majority age pursuant to applicable law at the time of application or be an emancipated minor.
The student for whom the funds are being requested must:
  • Be accepted, enrolled or attending an eligible nonprofit, Title IV eligible, degree-granting, accredited college or university on at least a half-time basis, as half-time basis is defined by the school.
  • Be making satisfactory academic progress in an eligible education program.
  • Be a citizen or permanent resident of the United States.
  • Complete a Student Authorization Form.


To qualify for the Arkansas Education Family Loan, you or your cosigners must have:

  • Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) that do not exceed 50% of gross monthly income (if a mortgage or rent is not included, debt-to-income ratio cannot exceed 35%). All student loan debt will be treated as though it is in repayment.
  • A FICO score of at least 660. (The FICO score used is the TransUnion FICO Score 8, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.)
  • Continuous employment over the last two years. (This requirement may be waived for retirees, disabled persons or those receiving a verified income.)
  • No more than two accounts reporting 30-day delinquencies and no delinquencies of 60 days or more during the previous two years.
  • No charge-offs, repossessions, collection accounts, judgments, foreclosures, garnishments by credit providers or tax liens.
  • No previous bankruptcies.
  • Not defaulted on any private or government student loan.


The Arkansas Education Family Loan must be:

  • No more than the cost of attendance minus other aid annually.
  • At least $1,001.
  • No more than $100,000 cumulative.


Use our Student Loan Repayment Calculator to estimate how much your monthly payment will be once you start repayment.


  • Immediate Payment Plan – payments will begin after the loan is fully disbursed.
  • Interest-Only Payment Plan – payments of interest will begin immediately after the first loan disbursement. 


You may earn a 0.25% interest rate reduction on your Arkansas Family Education Loan by making auto-debit payments when you begin principal and interest repayment.

Interest capitalizes (interest is added to your principal balance) at:

  • The end of any qualifying deferment period for all loan options.
  • The final disbursement of loans that require monthly principal and interest payments while the student is enrolled in school and that have more than one disbursement.


You may qualify for assistance based on your situation. Please call us as soon as possible if you experience issues, so we can help you avoid delinquency.

In the unfortunate event of a borrower’s death or qualifying total and permanent disability, Arkansas Student Loan Authority will forgive the loan and not require cosigners or the borrower’s estate to satisfy the loan obligation. A tax professional or the IRS can provide additional information about possible tax consequences of loan forgiveness.

No; in the event of a cosigner’s death or qualifying total and permanent disability, you will not be required to find a new cosigner for an existing loan. In addition, if a cosigner suffers a qualifying total and permanent disability, Arkansas Student Loan Authority will release the cosigner from his or her obligation.

Customer service for all loans offered by Arkansas Student Loan Authority will be provided by Aspire Servicing Center. ASLA will remain the owner of your loan.

The Interest-Only Payment Plan features a six-month grace period once your student graduates, leaves school or drops below half-time enrollment. Interest only payments are required during the six-month grace period. Your regular principal and interest payments begin after the six-month grace period.

Approval will take approximately one week as long as you submit your, or your co-signer’s, most recent paystub and W-2 for the last two years.

Your school will determine the date your loan funds are to be received along with the final loan amount. If the loan is processed before the semester begins, your loan funds will typically be received by the school by the beginning of the semester.

Once the school has certified the loan, you will electronically acknowledge acceptance of the loan. After acceptance of the loan, you will be taken to the self-certification form. Once you indicate that you want to continue with the loan, a three day “right to cancel” period begins (lenders must wait three-business days before the loan funds can be sent to the school – this is known as the “right to cancel” period.)

After the “right to cancel” period, loan funds will be disbursed to your school on the scheduled disbursement date. You can login to your account to check the status of your loan at any time.

  1. Borrower completes application and submits documentation.
  2. School certifies the loan amount and the dates the loan funds will be received.
  3. Borrower electronically acknowledges acceptance of the loan.
  4. ASLA sends loan funds to the school, typically via electronic funds transfer.

Yes, you have 180 days after the academic period has ended to request a Family Loan.