Alabama Student Loans

Alabama Student Loan Program

The Kentucky Higher Education Assistance Authority (KHEAA) is the loan admininstrator for Alabama Student Loans.  KHEAA-Alabama is the designated guarantor of the Federal Family Education Loan Program (FFELP) which includes the Federal Stafford Loan (subsidized and unsubsidized) and Federal PLUS (for parents). These loans help make higher education more affordable for thousands of Alabama students and families every year.

The Alabama College Loan Program

Alabama College Loan Program is the organization which actually offers the loans.  Below are the loans which are offered by the ACLP:

Stafford Loans

ACLP Stafford Loans have the following features:

  • 1% origination fee
  • 1% federal default fee
  • 0.25% interest rate reduction for auto debit

Graduate PLUS Loans

ACLP Graduate Plus loan is designed for students attending the graduate school.  It has has the following features:

  • 3% origination fee
  • 1% federal default fee
  • 0.25% interest rate reduction for auto debit

Parent PLUS Loans

ACLP Parent Plus Loans program allows parents to borrow money for their child's education.  It has the following features:

  • 3% origination fee
  • 1% federal default fee
  • 0.25% interest rate reduction for auto debit

Alabama Student Loan Consolidation

Alabama students can consolidate their federal loan by going through the Federal Loan Consolidation program.  Alabama students are eligible for consolidating the following loans:

  • Federal Family Education Loans (Subsidized and Unsubsidized Stafford, PLUS, Supplemental Loans for Students [SLS], and Consolidation).
  • Federal Direct Loans (Subsidized and Unsubsidized Stafford, PLUS, and Consolidation).
  • Federal Perkins Loans.
  • Federal Insured Student Loans (FISL).
  • Health Education Assistance Loans (HEAL).
  • Health Professions Student Loans (HPSL), including Loans for Disadvantaged Students (LDS).
  • Federal Nursing Student Loans.

Alabama Student Loan Forgiveness

Students who are planning become health care specialists, nurses and teachers may qualify for loan forgiveness.  Student's financial aid office at an Alabama school can provide additional information.