Loans
Loans, unlike grants or work-study, are borrowed money that must be repaid, with interest. These are real loans—just like car loans or mortgages. You cannot have these loans canceled because you didn’t like the education you received or because you’re having financial difficulty. These loans are a serious obligation, so think about the amount you’ll have to repay over the years before you take out a loan.Government-sponsored educational loans have many advantages if you need to borrow to pay for your education. They are better than traditional consumer loans because they usually offer lower interest rates and extended repayment terms, require no collateral, and help students and parents with the costs of education.Federal Stafford Loans are for undergraduate or graduate and professional students made through one of two U.S. Department of Education programs:
- William D. Ford Federal Direct Student Loan Program (referred to as Direct Stafford Loans or Direct Loans)
- Federal Family Education Loan (FFEL) Program (referred to as FFEL Stafford Loans or Federal Stafford Loans)
UALR participates in the Federal Family Education Loan (FFEL) Program
PLUS Loans are loans parents can take out for their dependent undergraduate children and are made through the FFEL program for students attending UALR.
Consolidation Loans allow you (or your parents, if they have a PLUS Loan) to combine several types of federal student loans into one loan with one monthly payment.
- Federal Stafford Loans
- Federal Parent Loans for Undergraduate Students (PLUS loans)
- Federal Consolidation Loan
- Loan Repayment Calculator
Estimate your future monthly payments for your federal student loan
Locating your student loans
Not sure who holds (or collects on) your federal student loans?
http://mapping-your-future.org/services/locator.htm
Loan Entrance Counseling
All students receiving their first student loan at UALR are required to complete on-line Loan Entrance Counseling before loan funds can be disbursed. Loan counseling informs the student understands the rights and responsibilities of student loan borrowing. The Entrance Interview is completed on the Mapping Your Future loan counseling web site. When the Entrance Interview has been successfully completed, confirmation is sent electronically to UALR. To complete your Loan Entrance Counseling: http://mappingyourfuture.org/se
Loan Exit Counseling
Student loan recipients who graduate or drop below half-time status are required to complete Loan Exit Counseling. Click here to view the checklist (PDF). Exit counseling informs you of the rights and responsibilities of loan repayment. You may complete the Exit Interview process on line: http://mappingyourfuture.org/sx
Current Interest Rates For Federal Student Loans
http://www.mapping-your-future.org/paying/interest.htm
Graduating Students
Here is more information for student loan recipients who will be graduating soon.
Checklist (pdf) and Consolidation information (pdf)