Arkansas Education Loan

[Pages:11]Arkansas Education Loan

The Arkansas Education Loan is for undergraduate and graduate students. Applicants who do not meet the underwriting and credit criteria on their own may apply with one or two cosigners. The loan features:

` Fixed and variable rates. ` Multiple repayment options. ` An interest rate reduction for using auto-debit during repayment. ` A cosigner release option.

Note: Aspire Servicing Centersm has a contractual relationship with the Arkansas Student Loan Authority (ASLA), which operates under the Arkansas Development Finance Authority, a division of the Arkansas Department of Commerce, wherein Aspire Servicing Center performs certain private student loan (private loan) services for the ASLA.

Repayment Options

There are three different in-school payment options for the Arkansas Education Loan so that you can choose the one that works with your financial situation. And each option has its own set of rates that are provided before you apply.

The Immediate Payment options require monthly payments of principal and interest while you're in school. The Interest-Only Payment options require monthly interest payments while you're in school and during the separation period. Both of these options prevent increases to the loan balance when regular on-time payments are made during the in-school period.

` The Immediate Payment options require that monthly payments of principal and interest begin immediately -- while you are enrolled in school -- after the loan is fully disbursed.1 These options also feature our lowest interest rates.

` The Interest-Only Payment options require that monthly payments of interest begin immediately after the loan is first disbursed and feature a six-month separation period -- once you graduate, leave school or drop below half-time enrollment and before the principal and interest repayment period begins -- during which interest-only payments are required.2 The Interest-Only Payment options feature lower interest rates than the Deferred Payment loans.

The Deferred Payment options postpone payments until after you graduate, leave school or drop below half-time enrollment and feature a six-month separation period during which no payments are required. You can make payments during the in-school or separation period with no penalty but are not required to do so with the Deferred Payment options.

If you choose to have a fixed interest rate on your loan, you have options of either a 10-year repayment term or a 15-year repayment term. If you choose to have a variable interest rate on your loan, your loan will have either a 10-year repayment term or a 15-year repayment term depending on the in-school payment option selected. For more information, view the detailed interest rate information and examples on the following pages.

Loan Amounts

The Arkansas Education Loan must be: ` No more than the cost of attendance minus other aid annually. ` At least $1,001. ` No more than $100,000 cumulative.

Interest

Interest capitalizes at:

` The end of any qualifying deferment period for all loan options.

` The start of repayment status for loans that do not require principal and interest or interest-only payments while the borrower is enrolled and during the separation period.

` The final disbursement of loans that require monthly principal and interest payments while the borrower is enrolled in school and that have more than one disbursement.

Have Questions?

1 Borrowers with delinquencies during the principal and interest repayment period may have future disbursements and/or loans suspended or canceled.

2 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future loans.

Call our knowledgeable and friendly representatives toll free at (888) 902-6082.

Page 1 of 11

?2021 Aspire Resources Inc.?

FIXED rates for borrowers or cosigners with FICO1 scores of 800 or more

In-School Payment Choice

Origination Fee Fixed Interest Rate Payments Required While Enrolled & During the Separation Period? Separation Period

Immediate Payment

0% 3.74% Yes, principal and interest payments2 N/A4

Interest-Only Payment

0%

4.75% Yes, interest-only

payments3 6 months4

Deferred Payment

0% 5.25%

No 6 months

Examples for a $10,000 Loan (10-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

10 years 3.74%6 $2,0016

N/A $1006

Examples for a $10,000 Loan (15-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

15 years 3.74%9 $3,0809

N/A $739

10 years 4.75%7 $4,6007

$407 $1057

15 years 4.75%10 $6,01910

$4010 $7810

10 years 5.01%8 $5,7508

N/A $1318

15 years 5.06%11 $7,70111

N/A $9811

1 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

2 Borrowers with delinquencies during the immediate principal and interest period may have future disbursements and/or loans suspended or canceled.

3 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future loans.

4 The in-school and separation periods cannot exceed 60 months. Payments required during this period. 5 If a pre-disbursement loan cancellation results in an Arkansas Education Loan of $1,000 or less, the maximum principal and interest

repayment term is 37 months. 6 A nnual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest

rate of 3.74% during the 120-month principal and interest repayment period. 7 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for

51 months, and a fixed interest rate of 4.75% during the 51-month interest-only and the 120-month principal and interest repayment periods. 8 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and

principal for 51 months, and a fixed interest rate of 5.25% during the 51-month in-school and separation period and the 120-month principal and interest repayment period. 9 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest rate of 3.74% during the 180-month principal and interest repayment period. 10 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months, and a fixed interest rate of 4.75% during the 51-month interest-only and the 180-month principal and interest repayment periods. 11 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and a fixed interest rate of 5.25% during the 51-month in-school and separation period and the 180-month principal

and interest repayment period.

Page 2 of 11

October 2021

VARIABLE rates for borrowers or cosigners with FICO1 scores of 800 or more

In-School Payment Choice

Immediate Payment

Origination Fee

Variable Interest Rate Payments Required While Enrolled & During the Separation Period? Separation Period

0%

1.50% + 3-month Libor index2,3

Yes, principal and interest payments4

N/A6

Interest-Only Payment

0%

2.00% + 3-month Libor index2,3

Yes, interest-only payments5

6 months6

Deferred Payment

0% 2.50% + 3-month

Libor index2,3 No

6 months

Examples for a $10,000 Loan

Principal & Interest Repayment Period7 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

10 years 1.63%8 $8438

N/A $908

10 years 2.13%9 $2,0179

$189 $939

15 years 2.58%10 $3,46810

N/A $7510

1 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

2 The rate is subject to increase after consummation. The three-month Libor index is defined as the daily average of the three-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was published on The Wall Street Journal's website (or any generally recognized successor method or means of publication) on each business day during the 91-day period ending on the 10th day of March, June, September and December. The three-month Libor index for the quarter October 1?December 31, 2021, is 0.13%.

3 The rate will not exceed 17.00%. 4 Borrowers with delinquencies during the immediate principal and interest period may have future disbursements and/or loans suspended or

canceled. 5 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future

loans. 6 The in-school and separation periods cannot exceed 60 months. Payments required during this period. 7 If a pre-disbursement loan cancellation results in an Arkansas Education Loan of $1,000 or less, the maximum principal and interest

repayment term is 37 months. 8 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and maintaining a

constant interest rate on a variable rate loan of 1.63% during the 120-month principal and interest repayment period. APR examples are based on quarterly interest rates for October 1?December 31, 2021. 9 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months, and maintaining a constant interest rate on a variable rate loan of 2.13% during the 51-month interest-only and the 120-month principal and interest repayment periods. APR examples are based on quarterly interest rates for October 1?December 31, 2021. 10 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and maintaining a constant interest rate on a variable rate loan of 2.63% during the 51-month in-school and separation period and the 180-month principal and interest repayment period. APR examples are based on quarterly interest rates for October 1?December 31, 2021.

Page 3 of 11

October 2021

FIXED rates for borrowers or cosigners with FICO1 scores of 760?799

In-School Payment Choice

Origination Fee Fixed Interest Rate Payments Required While Enrolled & During the Separation Period? Separation Period

Immediate Payment

0% 5.50% Yes, principal and interest payments2 N/A4

Interest-Only Payment

0%

5.75% Yes, interest-only

payments3 6 months4

Deferred Payment

0% 5.90%

No 6 months

Examples for a $10,000 Loan (10-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

10 years 5.50%6 $3,0216

N/A $1096

Examples for a $10,000 Loan (15-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

15 years 5.50%9 $4,7069

N/A $829

10 years 5.75%7 $5,6167

$487 $1107

15 years 5.75%10 $7,39010

$4810 $8310

10 years 5.60%8 $6,5908

N/A $1388

15 years 5.65%11 $8,87911

N/A $10511

1 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

2 Borrowers with delinquencies during the immediate principal and interest period may have future disbursements and/or loans suspended or canceled.

3 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future loans.

4 The in-school and separation periods cannot exceed 60 months. Payments required during this period. 5 If a pre-disbursement loan cancellation results in an Arkansas Education Loan of $1,000 or less, the maximum principal and interest

repayment term is 37 months. 6 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest

rate of 5.50% during the 120-month principal and interest repayment period. 7 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for

51 months, and a fixed interest rate of 5.75% during the 51-month interest-only and the 120-month principal and interest repayment periods. 8 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and

principal for 51 months, and a fixed interest rate of 5.90% during the 51-month in-school and separation period and the 120-month principal and interest repayment period. 9 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest rate of 5.50% during the 180-month principal and interest repayment period. 10 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months, and a fixed interest rate of 5.75% during the 51-month interest-only and the 180-month principal and interest repayment periods. 11 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and a fixed interest rate of 5.90% during the 51-month in-school and separation period and the 180-month principal and interest repayment period.

Page 4 of 11

October 2021

VARIABLE rates for borrowers or cosigners with FICO1 scores of 760?799

In-School Payment Choice

Immediate Payment

Origination Fee

Variable Interest Rate Payments Required While Enrolled & During the Separation Period? Separation Period

0%

2.75% + 3-month Libor index2,3

Yes, principal and interest payments4

N/A6

Interest-Only Payment

0%

3.75% + 3-month Libor index2,3

Yes, interest-only payments5

6 months6

Deferred Payment

0% 4.00% + 3-month

Libor index2,3 No

6 months

Examples for a $10,000 Loan

Principal & Interest Repayment Period7 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

10 years 2.88%8 $1,5208

N/A $968

10 years 3.88%9 $3,7309

$329 $1019

15 years 4.01%10 $5,79110

N/A $8810

1 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

2 The rate is subject to increase after consummation. The three-month Libor index is defined as the daily average of the three-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was published on The Wall Street Journal's website (or any generally recognized successor method or means of publication) on each business day during the 91-day period ending on the 10th day of March, June, September and December. The three-month Libor index for the quarter October 1?December 31, 2021, is 0.13%.

3 The rate will not exceed 17.00%. 4 Borrowers with delinquencies during the immediate principal and interest period may have future disbursements and/or loans suspended or

canceled. 5 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future

loans. 6 The in-school and separation periods cannot exceed 60 months. Payments required during this period. 7 If a pre-disbursement loan cancellation results in an Arkansas Education Loan of $1,000 or less, the maximum principal and interest

repayment term is 37 months. 8 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and maintaining a

constant interest rate on a variable rate loan of 2.88% during the 120-month principal and interest repayment period. APR examples are based on quarterly interest rates for October 1?December 31, 2021. 9 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months, and maintaining a constant interest rate on a variable rate loan of 3.88% during the 51-month interest-only and the 120-month principal and interest repayment periods. APR examples are based on quarterly interest rates for October 1?December 31, 2021. 10 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and maintaining a constant interest rate on a variable rate loan of 4.13% during the 51-month in-school and separation period and the 180-month principal and interest repayment period. APR examples are based on quarterly interest rates for October 1?December 31, 2021.

Page 5 of 11

October 2021

FIXED rates for borrowers or cosigners with FICO1 scores of 720?759

In-School Payment Choice

Origination Fee Fixed Interest Rate Payments Required While Enrolled & During the Separation Period? Separation Period

Immediate Payment

0% 6.20% Yes, principal and interest payments2 N/A4

Interest-Only Payment

0%

6.30% Yes, interest-only

payments3 6 months4

Deferred Payment

0% 6.52%

No 6 months

Examples for a $10,000 Loan (10-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

10 years 6.20%6 $3,4416

N/A $1126

Examples for a $10,000 Loan (15-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

15 years 6.20%9 $5,3829

N/A $859

10 years 6.30%7 $6,1817

$537 $1137

15 years 6.30%10 $8,16010

$5310 $8610

10 years 6.16%8 $7,4198

N/A $1458

15 years 6.2211 $10,05311 N/A $11111

1 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

2 Borrowers with delinquencies during the immediate principal and interest period may have future disbursements and/or loans suspended or canceled.

3 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future loans.

4 The in-school and separation periods cannot exceed 60 months. Payments required during this period. 5 If a pre-disbursement loan cancellation results in an Arkansas Education Loan of $1,000 or less, the maximum principal and interest

repayment term is 37 months. 6 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest

rate of 6.20% during the 120-month principal and interest repayment period. 7 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal

for 51 months, and a fixed interest rate of 6.30% during the 51-month interest-only and the 120-month principal and interest repayment periods. 8 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and a fixed interest rate of 6.52% during the 51-month in-school and separation period and the 120-month principal and interest repayment period. 9 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest rate of 6.20% during the 180-month principal and interest repayment period. 10 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months, and a fixed interest rate of 6.30% during the 51-month interest-only and the 180-month principal and interest repayment periods. 11 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and a fixed interest rate of 6.52% during the 51-month in-school and separation period and the 180-month principal and interest repayment period.

Page 6 of 11

October 2021

VARIABLE rates for borrowers or cosigners with FICO1 scores of 720?759

In-School Payment Choice

Immediate Payment

Origination Fee

Variable Interest Rate Payments Required While Enrolled & During the Separation Period? Separation Period

0%

4.00% + 3-month Libor index2,3

Yes, principal and interest payments4

N/A6

Interest-Only Payment

0%

4.50% + 3-month Libor index2,3

Yes, interest-only payments5

6 months6

Deferred Payment

0% 4.75% + 3-month

Libor index2,3 No

6 months

Examples for a $10,000 Loan

Principal & Interest Repayment Period7 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

10 years 4.13%8 $2,2228

N/A $1028

10 years 4.63%9 $4,4809

$399 $1049

15 years 4.71%10 $7,05310

N/A $9510

1 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

2 The rate is subject to increase after consummation. The three-month Libor index is defined as the daily average of the three-month London Interbank Offered Rate (Libor) (currency in U.S. dollars) that was published on The Wall Street Journal's website (or any generally recognized successor method or means of publication) on each business day during the 91-day period ending on the 10th day of March, June, September and December. The three-month Libor index for the quarter October 1?December 31, 2021, is 0.13%.

3 The rate will not exceed 17.00%. 4 Borrowers with delinquencies during the immediate principal and interest period may have future disbursements and/or loans suspended or

canceled. 5 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future

loans. 6 The in-school and separation periods cannot exceed 60 months. Payments required during this period. 7 If a pre-disbursement loan cancellation results in an Arkansas Education Loan of $1,000 or less, the maximum principal and interest

repayment term is 37 months. 8 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and maintaining a

constant interest rate on a variable rate loan of 4.13% during the 120-month principal and interest repayment period. APR examples are based on quarterly interest rates for October 1?December 31, 2021. 9 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months, and maintaining a constant interest rate on a variable rate loan of 4.63% during the 51-month interest-only and the 120-month principal and interest repayment periods. APR examples are based on quarterly interest rates for October 1?December 31, 2021. 10 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and maintaining a constant interest rate on a variable rate loan of 4.88% during the 51-month in-school and separation period and the 180-month principal and interest repayment period. APR examples are based on quarterly interest rates for October 1?December 31, 2021.

Page 7 of 11

October 2021

FIXED rates for borrowers or cosigners with FICO1 scores of 670?719

In-School Payment Choice

Origination Fee Fixed Interest Rate Payments Required While Enrolled & During the Separation Period? Separation Period

Immediate Payment

0% 6.30% Yes, principal and interest payments2 N/A4

Interest-Only Payment

0%

6.42% Yes, interest-only

payments3 6 months4

Deferred Payment

0% 6.99%

No 6 months

Examples for a $10,000 Loan (10-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

10 years 6.30%6 $3,5026

N/A $1136

Examples for a $10,000 Loan (15-Year Repayment Term)

Principal & Interest Repayment Period5 Annual Percentage Rate (APR) Finance Charge Interest-Only Monthly Payment Principal & Interest Monthly Payment

15 years 6.30%9 $5,4809

N/A $869

10 years 6.42%7 $6,3057

$547 $1137

15 years 6.42%10 $8,32910

$5410 $8710

10 years 6.58%8 $8,0678

N/A $1518

15 years 6.65%11 $10,97411

N/A $11711

1 The FICO score used is the TransUnion FICO Score 4, which is based on data from TransUnion and may be different from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

2 Borrowers with delinquencies during the immediate principal and interest period may have future disbursements and/or loans suspended or canceled.

3 Borrowers who fail to stay current with any required interest-only payments may be unable to apply for and subsequently receive future loans.

4 The in-school and separation periods cannot exceed 60 months. Payments required during this period. 5 If a pre-disbursement loan cancellation results in an Arkansas Education Loan of $1,000 or less, the maximum principal and interest

repayment term is 37 months. 6 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest

rate of 6.30% during the 120-month principal and interest repayment period. 7 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal

for 51 months, and a fixed interest rate of 6.42% during the 51-month interest-only and the 120-month principal and interest repayment periods. 8 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and a fixed interest rate of 6.99% during the 51-month in-school and separation period and the 120-month principal and interest repayment period. 9 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, and a fixed interest rate of 6.30% during the 180-month principal and interest repayment period. 10 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring principal for 51 months, and a fixed interest rate of 6.42% during the 51-month interest-only and the 180-month principal and interest repayment periods. 11 Annual percentage rate, finance charge and monthly payments are based on borrowing $10,000, a 0% origination fee, deferring interest and principal for 51 months, and a fixed interest rate of 6.99% during the 51-month in-school and separation period and the 180-month principal and interest repayment period.

Page 8 of 11

October 2021

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