Loan Information
For students and parents wishing to learn about loans in Spanish, visit
www.2futuro.com.
Federal Loans
Federal loan programs are loans offered at low interest rates that allow students to borrow funds to pay their educational expenses. Repayment of these loans begins six to nine months after the student graduates or drops below half-time enrollment.
Student Loans - Federal Stafford Loans are available to students who filed a FAFSA and are enrolled at least half-time. Effective July 1, 2008, borrowing levels for 2008-2009 are:
| | Subsidized | Unsubsidized |
| Freshman | $3,500 | $2,000 |
| Sophomore | $4,500 | $2,000 |
| Juniors and Seniors | $5,500 | $2,000 |
Subsidized Federal Stafford Loans are based on financial need. The federal government pays the interest on subsidized loans for you as long as you remain enrolled at least half-time. Unsubsidized Federal Stafford Loans are not based on financial need. Therefore, you are responsible for the interest on unsubsidized loans while you are in school and may either pay the interest quarterly or choose to have the interest deferred until repayment, at which time the interest accrued while you were in school is added to the principal balance. Independent students may borrow an additional $4,000 (freshmen and sophomores) or $5,000 (juniors and seniors) per year in unsubdized loans. For loans disbursed on or after July 1, 2006, the interest rate is fixed at 6.8 percent.
- Federal Perkins Loans are long-term, low-interest loans made available by the university and the federal government. Simple interest of five percent (5%) begins to accrue 9 months after you are no longer enrolled at least half-time. If you are a first-time student, you must complete a Perkins Master Promissory Note (MPN) and Entrance Counseling before you can receive Federal Perkins loan funds.
Parent Loans - Federal PLUS Loans are available to parents who have a dependent child in college. Individual eligibility is determined by subtracting all financial aid awards for the academic year from the cost of attendance. Financial need is not a requirement and parents do not have to complete the FAFSA to apply for this loan. Parents must apply and be approved for this loan each year. For loans disbursed on or after July 1, 2006, the interest rate is fixed at 8.5 percent. For more information, visit www.salliemae.com. To apply, click here.
Alternative Loans
Non-federal loans are available for students. These loans generally require the borrower to be credit worthy or have a credit worthy co-borrower and usually do not have as favorable interest rates as the federal programs. For more information, visit the Office of Financial Aid.
- Signature Loan is a student loan designed to assist students in meeting the remaining cost of their education. This loan is available for permanent residents and foreign students. Foreign students who apply must have a credit-worthy co-borrower and must produce a copy of their student visa. If a student visa is not available, the student’s INS form and a copy of their valid passport will be sufficient. Interest rates and fees are tiered based on the applicant’s or the co-borrower’s credit history. The maximum loan that can be borrowed is the difference between the cost of attendance and other aid received. For more information on this loan, visit www.salliemae.com. To apply, interested students should click here.
- College Access (CAL) Loans are offered by the State of Texas and are available to Texas residents who have credit-worthy co-signers. You may choose a variable or fixed interest rate. The fixed rate is 6 percent and repayment begins six months after graduation. Interested students should visit the CAL Program Information Page to apply or for more information.
