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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.

Answer Question

Question: Private Student Loans

TRUE OR FALSE – When applying for a private student loan, you should not use a cosigner.

  • True
  • *False
Submit Answer

Students are strongly encouraged to apply with a cosigner. Students may not have established credit to meet credit requirements without a cosigner. ASLA provides a Loan Comparison Tool to provide families a resource to determine which borrowing options are most cost-effective. For information about Arkansas Education Loans, visit ASLA.info.

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