Software:
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| College Access Loan Program Fact Sheet |
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The College Access Loan Program provides alternative education loans to Texas
students who are unable to meet the cost of attendance. The CAL may be used to
cover part or all of the student's Expected Family Contribution ( EFC );
students do not have to demonstrate financial need . However,
the amount of federal aid for which you are eligible must be deducted from the
cost of attendance in determining the CAL loan amount.
This loan program is part of the Hinson-Hazlewood College Student Loan
Program administered by the Texas Higher Education Coordinating Board (THECB).
ELIGIBILITY REQUIREMENTS -- Students must:
| Be a Texas resident eligible to pay resident tuition at a Texas public or
independent institution of higher education |
| Be enrolled at least half-time in a course of study leading to an associate,
bachelor, graduate or higher degree or be enrolled in an approved Alternative
Educator Certification Program |
| Meet the satisfactory academic progress requirements set by the
institution |
| Provide a cosigner who has good credit standing and meets other
requirements |
ANNUAL LOAN AMOUNTS
| Students may borrower an amount up to the cost of attendance less other
financial aid |
| A 3% origination fee will be deducted from the proceeds of each
loan |
COSIGNER ELIGIBILITY REQUIREMENTS
| Must be at least 21 years of age |
| Must have a regular source of income |
| May not be the borrower or the spouse of the borrower |
| Must receive a favorable credit evaluation |
| Must be a permanent U.S. resident or a U.S. citizen and reside in the U.S.
or in a U.S. territory |
2006-2007 INTEREST RATES -- Students may choose either:
| A fixed annual rate of 5.25% or |
| A variable rate that is re-set annually and will never be higher than 4
points above the rate at which the loan is made. Currently that rate is
6.84% |
OTHER FEATURES
| No guarantee fees or insurance premiums |
| Interest is never capitalized |
| The loan will not be sold to another lender |
| THECB will service the loan from the time it is originated until it is paid
in full |
| Six-month grace period before repayment begins |
| Ten-year repayment period, with minimum monthly payments of $50.00 for
balances under $30,000; 20-year repayment for balances of $30,000 or
more |
| Postponements of loan repayment and income-sensitive or graduated repayment
schedules available | |
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