Interest free student loans available to teachers, nurses, Guard members
Published 5:04 am Wednesday, January 31, 2007
Special to the Standard
Gov. Bob Riley announced Monday a new state-sponsored program will provide interest-free student loans to teachers and nurses who agree to stay in Alabama and to members of the Alabama National Guard called to active duty since the Sept. 11, 2001, terrorist attacks.
Riley said he hopes the program will be helpful in Guard recruitment and retention and in addressing shortages of teachers and nurses in some parts of the state.
The interest-free loans are available through the Alabama College Loan Program, a non-profit student lender.
The Alabama Higher Education Loan Corporation has issued $100 million in tax-exempt Student Loan Program Revenue Bonds, the proceeds of which will be used to finance the ACLP's interest-free student loans.
State Finance Director Jim Main, a member of Riley's Cabinet, serves as president of the Alabama Higher Education Loan Corporation.
The ACLP will provide interest-free student loans to: