Loan Assistance

For a $10,000 loan with 6.80% fixed interest during a non leap year.

Principal balance x interest rate / number of days in this year = daily outstanding interest

$10,000 x 0.068 / 365 = $1.8630

You would accrue $1.863 in interest every day as long as your principal balance is $10,000. If there were 30 days from your last payment and all previous outstanding interest was paid with your last payment, the monthly interest in this example would be $55.89.

• Standard Repayment Plan: Payments are a fixed amount that ensures your loans are paid off within the loan term.
• Graduated Repayment Plan: Payments are lower at first and then increase, usually every two years, and ensure your loans are paid within the loan term. You’ll pay more over time than you would with the 10-year Standard Repayment Plan.
• Income-Based Repayment Plan: Monthly payments are either 10% or 15% of discretionary income, but never more than you would pay under the Standard Repayment Plan. Payments are recalculated each year based on your income and family size; you must update your income and family size each year even if they haven’t changed. Any outstanding balance on your loan will be forgiven after 20 or 25 years. You’ll usually pay more over time than you would with the 10-year Standard Repayment Plan.
• Income-Sensitive Repayment Plan: Your monthly payment is based on annual income, but your loan will be paid in full within 15 years. You’ll pay more over time than you would with the 10-year Standard Repayment Plan

This plan helps you pay off private student loans in the shortest amount of time with the least amount of interest.

Minimum monthly payment: Equal monthly payments needed to repay your loan in full by the end of the repayment term.

This plan lets you begin with lower payments that increase every two years.

Minimum monthly payment: Increases by 10% every two years, in addition to any adjustments made due to variable interest rates.

Important information about interest: You will pay more in interest over the life of the loan because the principal balance decreases at a slower rate.

This plan lets you make mostly interest-only payments for two years.

Minimum monthly payment: After the lower payments for two years, payments increase to an equal amount needed to repay your loan in full by the end of the repayment term.

Important information about interest: You will pay more in interest over the life of the loan because the principal balance decreases at a slower rate.

Several state and federal loan forgiveness programs are available for nurses. Select a link to review eligibility and application requirements or compare programs (PDF).

• Public Service Loan Forgiveness for federal student loans
• NURSE Corps Loan Repayment Program
• Loan Cancellation and Discharge for Federal Perkins Loans
• Iowa Registered Nurse and Nurse Educator Loan Forgiveness Program

Several state and federal loan forgiveness programs are available for nurses. Select a link to review eligibility and application requirements or compare programs (PDF).

• Teacher Education Assistance for College and Higher Education for federal student loans
• Teacher Loan Forgiveness for federal student loans
• Loan Cancellation and Discharge for Federal Perkins Loans
• Teach Iowa Scholar Program
• Public Service Loan Forgiveness for federal student loans

You may qualify for loan forgiveness of federal Direct Loans if you work for a U.S. federal, state, local or tribal government or not-for-profit organization. See qualifications.

Different loan programs may have different requirements in the event of:

• A borrower's death or total and permanent disability.
• A cosigner's death or total and permanent disability.
• The death or total and permanent disability of the student for whom the funds were borrowed.

Please contact us to determine if your loan obligations may be forgiven under these circumstances. There may be tax consequences for loan forgiveness. Please consult a tax professional or the IRS with tax questions.

If you make qualifying payments under the Income-Based Repayment Plan for 25 years, the remaining debt may be forgiven. Learn more about Income-Based Repayment.

In certain circumstances, qualifying federal loans may be forgiven if your school closed before you completed your program, your school falsely certified your eligibility or your identity was illegally used to obtain a loan in your name, or your school did not issue a required refund when you withdrew. Learn more about these types of loan forgiveness.

Student loans are not automatically discharged by declaring bankruptcy. A bankruptcy court may discharge student loans if the borrower can prove that repaying the loans would cause undue hardship.

Active service members have their interest rate automatically limited to 6.00% during qualifying service during qualifying military service, as determined by the U.S. Department of Defense’s Manpower Data Center.

If your military service is not reflected accurately in the DMDC and you believe you qualify for Servicemembers Civil Relief Act, you may either:

• Complete, sign, have certified and submit a Servicemembers Civil Relief Act (SCRA): Interest Rate Limitation Request Form (PDF).
• Send us a written request and a copy of your military orders.
• Complete, sign, have certified and submit a Military Service and Post-Active Duty Student Deferment Form (PDF).

Active service members may be eligible to have their interest rate reduced to 0.00% on non-defaulted private student loans and you are deployed before June 30, 2025.

Eligible loans must be serviced by Aspire Servicing Center and owned by one of the following lenders:

• AIM Credit Union
• Alliant Credit Union
• American State Bank
• Arkansas Student Loan Authority (ASLA)*
• Capitol View Credit Union
• Community 1st Credit Union
• Ida C. Koran Trust
• Iowa Student Loan Liquidity Corporation
• Family Credit Union
• Louisiana Education Loan Authority (Lela)
• Premier Credit Union
• Veridian Credit Union

A 1099-C form reporting the reduction of $600 or more will be issued to the IRS and to the borrower if applicable. Consult a tax professional regarding any tax consequences.

Contact us to apply.

* The Arkansas Student Loan Authority, a Division of the Arkansas Development Finance Authority, offers this benefit for the Arkansas Education Loan, Arkansas Family Education Loan and Arkansas Refinance Education Loan.

You may qualify for a Military Service and Post-Active Duty Student Deferment (PDF) on federal student loans if you meet eligibility requirements.

If you have private student loans, assistance is also available if you serve in the military. Contact us for details.

You may allow another person access to your account while you are on active duty or away from home.

For more information:

• Review the Student Loan Benefits for Members of the Armed Forces brochure (PDF).
• Download the CFPB Servicemember Student Loan Guide (PDF).
• Talk to your personnel or commanding officer about U.S. Department of Defense repayment plans and other programs.