Loans

The Federal Direct Student Loan program consists of two components: subsidized loans and unsubsidized loans.

Subsidized Loans:

• Available to undergraduate students who are enrolled at least half-time and demonstrate financial need.
• Interest is 5.50% for loans made between July 1, 2023, and June 30, 2024.
• Student is not charged interest on the loan while in school and during a six-month grace period after leaving "in-school" status.
• The U.S. Department of Education (ED) is the lender; payment is owed to ED.
• Annual Award Limits: Between $3,500 and $5,500 depending on year in school

Subsidized loans are available for traditional and nontraditional undergraduate students.

Unsubsidized Loans:

• Available to undergraduate and graduate students who are enrolled at least half-time.
• Interest is 5.50% for undergraduate and 7.05% for graduate students
• Student is responsible for interest during all periods
• ED is the lender; payment is owed to ED
• Annual Award Limits: Between $5,500 and $20,500 (minus any subsidized amount received for the same period), depending on year in school and dependency status

Unsubsidized loans are available for traditional undergraduates, nontraditional undergraduates and graduate students.

All Federal Direct Student Loans:

• Application Process:
  1. Accept your student loans through the MyLETU award system
  2. Complete a Master Promissory Note (MPN) at https://studentaid.gov/ (e-signing is available)
  3. First-time borrowers, complete the online Direct Loan Entrance Counseling at https://studentaid.gov/
• Maximum Total Loan Limits:
  • Dependent Undergrad: $23,000 subsidized/$31,000 total
  • Independent Undergrad: $23,000 subsidized/$57,500 total
  • Graduate/Professional: $65,000 subsidized/$138,500 total (including all federal loans received for undergraduate study)
• For Borrowers that Graduate or Drop Below 6 Credit Hours :
  • Complete Exit Counseling: https://studentaid.gov/

Detailed information from the Department of Education on Direct Student Loans

To receive a Direct PLUS Loan, you must be

• a graduate or professional degree student enrolled at least half-time in a program leading to a degree or certificate, or
• the parent of a dependent undergraduate student enrolled at least half-time.

 

Loan Information:

• Interest is 8.05%.
• Repayment begins 60 days after the final loan disbursement, unless the borrower qualifies for deferment.
• A credit evaluation is required; borrower must not have negative credit history
• Borrower is responsible for interest during all periods
• The U.S. Department of Education (ED) is the lender; payment is owed to ED.
• Maximum amount is cost of attendance minus any other financial aid the student receives.
• Application Process:
  • Apply online at https://studentaid.gov/ (e-signing is available)

Direct PLUS loans are available for traditional undergraduates, nontraditional undergraduates and graduate students.

Detailed information from the Department of Education on Direct PLUS Loans

To receive a Texas College Access Loan, you must:

• Be a Texas resident
• Be enrolled at least half-time in a course of study leading to a degree
• Meet satisfactory academic progress requirements, and
• Receive a favorable credit evaluation or provide a cosigner who meets program requirements

Loan Information:

• Interest is 5.85%.
• Repayment begins 6 months after the date a borrower graduates, leaves school, or drops below half-time enrollment
• Maximum amount is cost of attendance minus any other financial aid the student receives.
• Application Process:
  • Apply online at http://www.hhloans.com/index.cfm?objectid=426248B4-D72B-EA91-F13E0ED29FB2097C

CAL is available for traditional undergraduates, nontraditional undergraduates and graduate students.

Detailed information from the Texas Higher Education Coordinating Board on CAL Loans

Please visit your home state's government web site to check for state loan eligibility.