The Arkansas Student Loan Authority will have until the end of September 2010 to repay the State Board of Finance for its draw on an $80 million line of credit after the agency was unable to issue bonds for its student loan program.

The board’s trustees approved the line of credit plan in May and set the initial interest rate on the money at 2.03%. The resolution extending the deadline also re-set the interest rate to 1.56%.

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