Financial Aid
Loans
After you receive your financial aid award letter you need to activate your student loan. You should only do this if you determine you desire to borrow a student loan. You are in no way obligated to take out a student loan if you do not want to. Please contact the Financial Aid Office if you have questions about receiving your award letter or the student loan application process.
Federal Stafford Loan (subsidized and unsubsidized)
Description: Loan
for undergraduate and graduate students enrolled at least half-time.
Students can get a loan regardless of income but federal government
pays interest only on need-based subsidized loan. Interest rate
is variable, but not higher than 8.25%. Students must choose
a lender and sign a Master Promissory Note that is good for up
to 10 years. Loans are disbursed in two disbursements during
the loan period. First-time freshmen have a 30-day delayed disbursement.
Annual Amount:
Undergraduate: Freshman $2,625;
Sophomore $3,500; Junior $5,500; Senior $5500
Graduate: $8500
Independent students may borrow additional unsubsidized loans. Loans are prorated for part-time, partial year enrollment.
Repayment: Up to 10-year repayment period. Repayment begins 6 months after graduation or when enrollment drops below 6 hours. Monthly payment depends on amount borrowed.
| Lender | Lender Code | Phone Number |
| Nelnet* Wachovia* Texas Bank Citibank* Bank One* Wells Fargo* Nellie Mae* PNC Bank* Chase* TX Independent Bank Bank of America* |
833669 830005 833443 826878 824206 807176 829076 809921 807807 831122 832733 |
866-866-7372 800-347-7667 940-382-4141 800-967-2400 888-272-5543 800-658-3567 800-634-9308 800-375-9208 888-272-5543 800-288-4842 800-375-9208 |
| *
E-signature offered for signature on Master promissory Note
(MPN). This requires your FAFSA PIN Number. DRN Privacy Number Information: (800) 433-3243 |
||
Federal Perkins Loan
Description: Need-based
loan for undergraduates and graduates with exceptional need.
Interest rate is fixed at 5%. Priority is given to Pell recipients
and continuing borrowers who apply by the deadline of March 1.
Annual Amount: $4,000
Repayment: Repayment begins 9 months after graduation or dropping below 6 hours. Up to 10-year repayment period, $40 minimum monthly payment.
Federal Parent Loans for Undergraduate
Students (PLUS)
Description: Parents
borrow for dependent children. Loans not based on income, but
parents must undergo credit check. Interest rate is variable
and not to exceed 9%. Application/Promissory Note available directly
from the lending institution. See below preferred lenders and contact
them directly or visit their website for pre-application process.
Annual Amount: May borrow up to the difference between school costs minus other aid.
Repayment: Several options available for repayment. Contact lender for options.
| Lender | Lender Code | Phone |
| Bank of America | 832733 | 800-891-1410 |
 |
833669 | 866-866-7372 |
 |
824206 | 800-891-1410 |
 |
807807 | 877-881-1005 |
 |
826878 | 800-394-7035 |
| Educaid | 830005 | 877-916-7587 |
 |
819539 | N/A |
 |
829076 | 800-891-1410 |
 |
809921 | 800-375-9208 |
 |
831122 | 800-891-1410 |
 |
807176 | 800-658-3567 |
College Access Loan (CAL)
Description: State
loan program for Texas residents enrolled at least half-time.
Credit worthy co-signer required. 9% fixed interest accrues while
in school. 3.5% origination fee. Applications are available in
the Financial Aid Office.
Annual Amount: Maximum loan amount is $7,500
Repayment: 10-year maximum repayment. 6-month grace period. $50.00 minimum monthly payment.
Private/Alternative Loans
Description: Varies
by lender
Annual Amount: Varies
Repayment: Varies