Health Professions Grad Loan

ASLA encourages students to carefully evaluate all available sources of financial aid.

• The Federal Direct Unsubsidized Graduate Loan should be considered first in most cases.
• The ASLA Graduate Loan will often offer the lowest interest rates if you have a creditworthy co-signer.
• The ASLA Health Professions Graduate Loan may be an option if you are enrolled in an eligible health-related graduate program, and you do not have a creditworthy co-signer.

To be eligible for this private student loan program, you must:

• Be of majority age pursuant to applicable law at the time of application or be an emancipated minor.
• Not have defaulted on any private or government student loan.
• Be accepted or enrolled in eligible graduate programs at any nonprofit, Title IV eligible, degree-granting, accredited Arkansas college or university or nonprofit school of nursing.
• Be accepted, enrolled or attending on a full-time basis, as defined by the school, and be making satisfactory academic progress in an eligible graduate program.
• Be a U.S. citizen or permanent resident residing in the United States. Military addresses are considered U.S. addresses if designated as an APO or FPO.

No. The Health Professions Graduate Loan is only available for graduate students attending an eligible Arkansas college or university.

The Health Professions Graduate Loan is for graduate health professional students. Cosigners are not accepted for this loan. If you have a creditworthy cosigner, consider the graduate loan as you may qualify for lower rates with that loan program.

• 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.)
• No more than two accounts reporting 30-day delinquencies.
• 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.
• Total consumer debt, including the Health Professions Graduate Loan, below the Maximum Debt Limit set for each field of study.

Note: The list of criteria above may not be exhaustive. The Arkansas Student Loan Authority may require you to meet additional criteria to qualify for a loan. ASLA reserves the right to change the list of criteria in any way from time to time.

You may borrow up to the Cost of Attendance minus other Financial Aid each year as certified by your school if you have not reached the Maximum Debt Limit for your field of study.

Repayment of your loan begins six months after you graduate or drop below full-time status. Payments are delayed for up to 60 months while you are enrolled in a qualifying program full-time plus six months after you graduate or drop below full-time. A $25 minimum monthly payment is required during periods of residency deferment.

The repayment period is 15 years.

There is no origination, prepayment, late or other fees associated with this loan.

You will receive a final disclosure before accepting the loan that will show you what your payments will be when you enter repayment. You can also use the student loan calculator to estimate how much your monthly student loan payment will be once you start repayment.

Once you enter repayment, you can earn a 0.25% interest rate reduction by signing up to have principal and interest payments automatically withdrawn. The 0.25% interest rate reduction will apply once payments begin to be automatically deducted. The reduction will remain in effect as long as automatic payments continue without interruption during the repayment period.

The 0.25% interest rate reduction will not lower the monthly payment amount but will instead reduce the interest amount that accrues.

Interest that is not paid during deferments or under other circumstances is capitalized (or added to the principal balance of the loan). Interest on this loan capitalizes at the end of deferment periods.

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, ASLA will forgive the loan and not require the borrower’s estate to satisfy the loan obligation. In addition, if a borrower becomes totally and permanently disabled after the loan is made, ASLA will forgive the loan.

A tax professional or the IRS can provide additional information about possible tax consequences of loan forgiveness.

Customer service and billing for your loans will be provided by Aspire Servicing Center. The Arkansas Student Loan Authority will remain the owner of your loan and is available to assist you with any needs.

Customer Service
Toll-free: (800) 243-7552
Office Hours: 8 AM – 6 PM (Central time)

ASLA has been Arkansas’ non-profit source for college financing over the last 50 years. ASLA is a state-government, non-profit lender. Our mission is to provide you with access to information and tools to plan and pay for college.