Loans

Direct Loans - Students will be notified by the University of their financial aid award package. The direct loan limit is $20,500 per academic year ($8500 subsidized and $12,000 unsubsidized) with a fixed 6.8% interest rate and a 6 month grace period. Effective July 1, 2012, the subsidized loans will no longer be available to law/professional/graduate students due to the Budget Control Act signed into law in August 2011. The full $20,500 eligibility will be unsubsidized.

Grad Plus Loans - Federal credit-based loans are for students who require education funding up to the Cost of Education (COE), minus any other financial aid. Here are a few facts about the Grad PLUS Loan:

• Fixed 7.9% interest rate for the life of the loan.
• No loan limits - borrow up to the full cost of education annually minus any other financial aid received.
• Minimal credit requirements-The Department obtains a credit report on each applicant for a Grad PLUS loan from at least one national credit bureau. An applicant is considered to have an adverse credit history if they have 90 days or more delinquent on any debt, or during the five years preceding the date of the credit report, it has been determined that the applicant to be in default on a debt, his debts have been dis­charged in bankruptcy, or has been the subject of foreclosure, re­possession, tax lien, wage garnishment, or write-off of a FSA debt. An applicant cannot be rejected for a PLUS loan because he has no credit history—i.e., the absence of a credit history cannot be construed as an adverse credit history. Someone with an adverse credit history can qualify for a PLUS loan by securing an endorser who does not have an adverse credit history. Also, an applicant may appeal a determination of adverse credit history to the Department by documenting extenuating circumstances. The Department has the final decision on whether to make a loan to the person.
• No payments required while in school.
• Student will go into repayment once they drop below ½ time (6 hours) or upon graduation but may request a deferment of repayment for up to 6 months.
• Deferment and forbearance options are available during periods of financial difficulty or bar study.
• Flexible repayment options including Level, Extended, Graduated and Income Sensitive plans.

Department of Education Customer Service Center Information - Contact information for the Servicers of Direct Loans (subsidized, unsubsidized & grad plus loans).

Hinson-Hazlewood College Access Loan Program (CAL) - Private loan, within the Cost of Attendance (COA), through the Texas Higher Education Coordinating Board.

Alternative/Private Loans - Credit based loans for educational expenses within the Cost of Attendance (COA).

Bar Loans- Credit based private loans available to law students who are in their final year of study and need resources to finance expenses associated with studying for the Bar examination. Processing fees may be deducted at disbursement and a supplemental guarantee fee may be charged at repayment. Disbursement(s) is (are) made payable to the graduate at their requested mailing address. If the lender requires certification of the anticipated graduation date, be sure to notify Laura Neal.