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    How To Obtain Or Refinance A Student Loan In Arkansas

    Student Loan In Arkansas

    According to The Institute for College Access & Success, the average student loan debt among Arkansas graduates in 2018 was $26,579. While this figure is below the national average of $29,200, it’s still a significant amount of money. 

    If you’re considering applying for a student loan in Arkansas or refinancing an existing loan balance, it's crucial to find an affordable loan with low borrowing costs.

    How To Get Student Loans In Arkansas

    It’s best to first consider your government loan options before turning to private student loans. Federal loans will most likely have interest rates lower than their private equivalents.

    • Federal Student Loans. The Department of Education has a direct loan program from which most Arkansas students borrow. Direct loans, also known as Stafford loans, include subsidized and unsubsidized loans from the federal government. If you can provide the required financial need, then you can qualify for subsidized loans. The government will cover the interest during undergraduate study

    Unsubsidized loans are available to graduate students, professional students, and undergrads. Unlike subsidized loans, you won’t need to provide any financial need to qualify for it. Additionally, there are limits on the amount that students are eligible to take out in direct loans

    • Private student loans. Unlike federal loans, private student loans have higher APR and stringent repayment terms. You won’t get many income-based repayment options and you’ll also lose out on the benefits offered by the federal government. However, if you didn’t qualify for a federal loan, this is the second-best option

    Ways To Refinance Student Loans In Arkansas

    In many ways, it’s possible for graduate students who’ve borrowed loans to make their monthly payments much more affordable. Refinancing is one such option. 

    Loan refinancing isn’t offered by the federal government, although it’s possible to consolidate certain federal loans through the Department of Education if you'd prefer to have a single big loan to pay instead of multiple smaller payments. Such measures are also used if you wish to change the duration of repayment.

    You must carefully weigh the pros and cons to decide if it makes sense to give up these federal loan benefits to achieve the savings that refinancing could provide. If you want to refinance, some financial institutions offering this option include:

    • SoFi: Has fixed refinancing APRs of 2.99% to 6.24% and variable APRs at 1.99% to 6.24%. It has an unemployment protection program that’ll temporarily put your payments on hold and help you to find work
    • Earnest: Enjoy fixed refinancing APRs from 2.98% to 5.79% and variable APRs at 1.99% to 5.64%. The lender offers protection options in the event of you being unable to make payments 
    • Education Loan Finance: Has a wide variety of repayment terms, ranging from five years to 20 years. Offers fixed refinancing APRs at 3.21% to 5.79% and variable APRs at 2.39% to 6.01%

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    Interest rates and terms will vary significantly from one lender. Therefore, carefully compare options before making a decision. 

    Student Loan Forgiveness Programs In Arkansas

    If you’re struggling with debt, then there’s no need to worry. We’ve compiled a list of all the significant public student loan forgiveness programs available to you. Take a look at these options and see which programs are the most fitting for your financial needs. 

    Public Service loan forgiveness (PSLF) Program

    The Public Service Loan Forgiveness program can help people in public service jobs. The organization you work for plays a significant part in this. Many roles and titles qualify for PSLF. Under this plan, you can even get 100% loan forgiveness after 120 payments. Full-time employees at any state or federal agency will be eligible for the program. 

    Loan Forgiveness Programs For Teachers And Healthcare Professionals

    Most states provide loan repayment assistance and forgiveness programs for teachers. These programs usually require state licensure and a commitment of two years of service in any qualifying area. Equivalently, nurses are also entitled to state and federal loan forgiveness programs. The program is accessible to all nurses across the country.

    In case you’re a nurse from a disadvantaged community, you can even apply for the NURSE Corps Loan Repayment Program to get 60% off your student loans. Additionally, you’ll be qualified for the forgiveness of the loan after the third year of employment. 

    Military Student Loan Forgiveness Program

    The Army’s College Loan Repayment Program can get you up to a sum of $65,000 in aid. The Navy has a similar program that gets you up to $65,000. The program given by the National Guard LRAP can amount to $50,000.

    There are other loan programs available for military students as well as Navy and Army doctors. These are aimed at helping veterans and other military personnel repay their loans.

    Bottom Line

    Your loan forgiveness can depend on many factors such as your job and current residence. Make sure you’re aware of the terms before signing any of these loans. Most importantly, be flexible when it comes to your financial options. This will help make the repayment process much easier.