The Alabama College Loan Program
The Alabama College Loan Program offers great benefits and life-of-the-loan servicing. Check out these great money-saving programs.
- Stafford Loans
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(for loans disbursed on or after May 1, 2006)
- 0% origination fee
- 0% federal default fee
- 5% credit to the original loan principal after the first 30 consecutive on-time payments
- 0.25% interest rate reduction for auto debit
- Graduate PLUS Loans
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(for loans disbursed on or after May 1, 2006)
- 0% federal default fee
- 2% interest rate reduction after full disbursement (requires timely payments to retain this benefit)
- 5% credit to the original loan principal after the first 30 consecutive on-time payments
- 0.25% interest rate reduction for auto debit
- Parent PLUS Loans
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(for loans disbursed on or after May 1, 2006)
- 0% federal default fee
- 2% interest rate reduction after full disbursement (requires timely payments to retain this benefit)
- 5% credit to the original loan principal after the first 30 consecutive on-time payments
- 0.25% interest rate reduction for auto debit
- Consolidation Loans
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Consolidation Loans are not available via ACLP after 4/28/08
