Texas Higher Education Coordinating Board
PO Box 12788, Austin TX 78711-2788
(800) 242-3062 or (512) 427-6340 (Austin Area)
Loan Interest Rate & Fees
Your interest rate will be 4.50%
Your Interest Rate (upon approval)
The interest rate you pay will be 4.50%. Your Interest Rate during the life of the loan
Your rate is fixed.
Origination Fee: The fee that will be charged to make this loan will either be 0%, 3%, or 5% and is based on the higher of your or your cosigner's Experian VantageScore and a favorable credit evaluation.
Late Charges: 5% of the amount of your monthly payment, or $5.00, whichever is less.
Loan Cost Examples
The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon 2 repayment options available to you while enrolled in school.
(while enrolled in school)
(amount provided directly to you or your school)
(highest possible starting rate)
(how long you have to pay off the loan)
Total Paid over term of loan
(includes associated fees)
Make No Payments
Interest will be charged and added to your loan $10,000
Make Full Payments
Pay principal and interest $10,000
About this example
Option 1 assumes no payments made during 4 years of eligible in school enrollment and during the 6 month grace period.
Option 2 assumes regular principal and interest payments are made beginning 1 month after disbursement.
Loan terms for these examples.
Eligible in school enrollment – you must maintain half-time enrollment status.
6 month grace period – six month period after you cease to be enrolled at least half-time at an eligible institution.
Federal Loan Alternatives
Current Interest Rates by Program Type
DIRECT SUBSIDIZED/ UNSUBSIDIZED
for Undergraduate students
for Graduate/Professional students
for Parents and Graduate/Professional students
You may qualify for Federal education loans.
For more information, contact your school's financial aid office or the Department of Education at: www.federalstudentaid.ed.gov
Find Out About Other Loan Options.Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office or visit the Department of Education's web site at:
www.federalstudentaid.ed.gov for more information about other loans.
To Apply for this Loan, Complete the Application and the Self Certification Form.You may electronically sign and submit the certification online or one will be mailed to you. You may also get the form from your school's financial aid office. If you are approved for this loan, the loan terms will be available for 30 days (in which terms will not change during this 30 day period, except as permitted by law).
Annual Loan Amounts
Students may borrow an amount up to the cost of attendance less other financial aid
An origination fee will be deducted from the proceeds of each loan based on the higher of your or your cosigner's Experian VantageScore and a favorable credit evaluation:
* 0% fee if either the student or cosigner has an Experian VantageScore of 711
or higher, or
* 3% fee if either the student or cosigner has an Experian VantageScore between
651 and 710, or
* 5% fee if either the student or cosigner has an Experian VantageScore between
591 and 650
Be a Texas resident
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
Receive a favorable credit evaluation or provide a cosigner who has good credit standing and meets other requirements
Must be at least 21 years of age
Must have a regular source of income
Must 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
If you file for bankruptcy you may still be required to pay back this loan. More information about loan eligibility, and repayment deferral or forbearance options, and forgiveness options is available in your loan application and loan agreement.
I acknowledge that I have read and understand the options presented to me in the above form.