EVERYTHING TEXANS NEED TO KNOW FOR FINANCIAL AID / SCHOLARSHIPS AND GRANTS
Each state has unique financial aid and scholarships options available. Learn how you can qualify and take advantage of the programs offered for you.
State student loan programs are some of the most valuable, affordable and accessible financial aid tools available to you. Finding out what types of college aid are offered in your state is easy. Here at IMAGINE COLLEGE COACHING we have compiled some key information to help you navigate your state's financial aid programs. Here is what you'll find in our resources list:
Overview of state financial options available
Links to detailed sources for Federal loans and Scholarships with information on where to locate them and how to apply.
Direct links to each state's higher education agency or college loan programs.
You can learn more about the difference between subsidized and unsubsidized loans here https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
Here is an overview of Student Loans to get you started: https://studentaid.ed.gov/sa/sites/default/files/direct-loan-basics-students.pdf
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The Texas Higher Education Coordinating Board http://www.thecb.state.tx.us/ Is the go to resource for Texas Students. It is a State Sanctioned Student Loan Resource for Texas Students.
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Still have questions? https://studentaid.ed.gov/sa/
It is highly recommended you apply for these loans, and in most cases you'll be approved for some level of funding.
Subsidized and unsubsidized
The CAL Program is the state-sanctioned alternative loan designed for Texas students at every level of education. Borrowers must attend school at least half-time. Either the borrower or a co-signer must have good credit, and it is not necessary to demonstrate financial need. As always, applicants must apply for federal aid before applying to CAL.
We highly recommend before you enter into any private student loans, make sure you've borrowed the maximum allowed with your federal loans. For more information on the HH Loans program, visit the THECB Website.
The College Access Loan Program provides alternative educational loans to Texas students who are unable to meet the cost of attendance. The amount of federal aid that a student is eligible for (regardless of whether actually accepted) must be deducted from the cost of attendance in determining the CAL loan amount.
be a Texas resident;
be accepted for enrollment and enrolled at least half-time in:
a course of study leading to a certificate, an associate, bachelor’s, graduate, or higher degree; or
an approved alternative educator certification program;
meet the satisfactory academic progress requirements set by the institution;
receive a favorable credit evaluation or provide a cosigner who has good credit standing and meets other requirements.
Students may borrow no less than $100 and up to the cost of attendance minus any other financial resources
An origination fee will no longer be assessed for all approved CAL borrowers
be at least 21 years of age;
have a regular source of income;
not be the borrower or the spouse of the borrower;
receive a favorable credit evaluation;
be a U.S. citizen, or a permanent U.S. resident and reside in the U.S. or in a U.S. territory.
Students or cosigners must
have an Experian VantageScore of 650 or higher;
not have public records such as tax liens or bankruptcy proceedings;
have a minimum of four credit trade lines, excluding student loans or authorized user accounts;
not have defaulted on any federal or private education loans.
In line with financial industry practice, Texas Higher Education Coordinating Board reports account obligations to the credit reporting agencies. The reporting is at the loan level, with each loan reported as a trade line. Cosigners are equally responsible for the repayment of the loan if the student fails to meet his or her repayment obligation.
Interest Rate A fixed annual rate of 6.60% Interest is not capitalized
Loans have a six-month grace period from the date a borrower ceases to be enrolled at least half-time at an eligible institution
Principal balances under $30,000 have up to a ten-year repayment period with minimum monthly payments of $50
Principal balances of $30,000 or more have a repayment period up to 20 years
The loan will not be sold to another lender
Postponements of loan repayment and income-sensitive or graduated repayment schedules are available
You can apply at Loans Online.
Where Can I Get More Information? For more information, review Coordinating Board Rules, Chapter 22, Subchapter C, and the Texas Education Code, Chapter 52, o
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