Nevada County Picayune and Gurdon Times Newspaper Archive

Rural Fund Taking Applications

The Arkansas Rural Endowment Fund (AREF) announced that it is now accepting student loan applications for 1997-98. "To be eligible, students should file a Free Application for Federal Student Aid Form (given to them by their high school counselor) and they should inform their college financial aid office they wish to choose the AREF as their lender. An AFER application may be obtained by contacting Ronald A. Matlock, County Extension Agent-SC, who serves as chairman of the Clark county committee," said Veron L. Eagan, General Managaer of the AREF. He stated that anyone interested may call the AREF at 1-800-232-5505 or 501-375-2358 for more information or to have an application mailed.

Eagan noted that AREF is a lender in the Federal Family Education Loan Program. Loans are serviced by the fund throughout the life of the loan(s) which can make it more convenient for the borrower to secure a deferment in order to continue education on the graduate level. Loans are made in varying amounts determined by federal guidelines andthe cost of attending a particular school. He said, "student loans are our only business and we are eager to serve the rural or small town people of our state. We know there are other lenders to choose from and that is why AREF works hard to offer the very best in servicing, just as we have done with the other 95 Clark county residents that have been assisted by AREF in the past."

Eagan said, "for those who may be interested to know about loan costs, the variable interest rate for federal stafford loans, currently at 7.66% is capped at 8.25% by the U.S. Department of Education which pays the interest for the 'in school' and 'grace' periods for qualified borrowers. More invormation may be obtained by calling the telephone numbers above, by inquiring at the financial aid office in the school of choice, or by contacting the AREF county committee chairman."