A Texas Extra Credit Education Loan

Texas Education Loans (TEL)—Texas—Texas offers a competitive loan program for students who need financial assistance to attend college. TEL provides low-interest loans for state residents attending postsecondary institutions. While these loans may carry a higher interest rate than federal student loans, they do offer many advantages,advantages, including:

No repayment requirements until graduation or completion of 60 semester credit hours.

The maximum amount of creditcredit available is $4,000 per year. However, if you have not completed high school, you are eligible for less. Lenders can only give out loans for courses that start after October 1st. You should contact the institution to find out what course options are available and how much money you will need to cover tuition costs. If you take out a private loan, remember that you might have to pay back the original amount plus interest.

The TexasThe Texas Higher Education Tuition Authority (THEA)—THEA—THEA is designed to provide grants of up to $5,000 to students enrolled full time in undergraduate degree programs who live in Texas. Students must have a minimum 2.0 cumulativeGPA, have GPA, have no past-due bills for the current school year, and complete certain service/community activities. To receive funding, applicants must fill out FAFSA forms, sign agreements with the University of Texas System, and meet with an advisor or counselor. Contact a local collegecollege to learn about its specific guidelines.

TGSLP provides non-repayable, federally guaranteed loans to students pursuing degrees in art, architecture, engineering, nursing, teacher education, allied health, law, business administration, computer science, and social work. The loan amount ranges from $500 to $10,000, depending on the program. Repayments begin upon completion of the degree or graduation from college. Additional information on the program is provided under “Federal Student Aid”.

A Texas extra credit education loan allows you to borrow money at low interest rates to pay for college expenses (such as tuition) that aren’t covered by financial aid. You don’t have to repay any money until after you graduate and find a job.

To apply for a Texas extra credit education loan, visit www.tceld.org/apply/. Or call (800) 256-7731(800) 256-7731.

Do I need to show my grades or test scores?

NoNoYour high school GPA or ACT/SAT score is not considered. However, if you’re enrolled in a postsecondary institution, then it may affect your eligibility.

How long does it take to get approved?

The application fee is $30 per person,person, and we only approve applications once each day. We generally make decisions about applications within 24 hours, although they could take longer. If you are approved, you’ll receive your check within 5 business days.

What happens if I don’t complete my program?

If you drop out before completing your program, you’ll owe no additional payments, but you may still have to pay back the original amount borrowed plus the interest rate.

Are there any fees?

There’s a $30 application processing fee and monthly service charges based on how much you borrow. You also have to agree to repay the loans whether you have a job or not.

Can I be denied?

Yes. The TCEA Board can deny your request for a loan for any number of reasons, including not having enough information to approve you, not meeting our minimum income requirements, or failing to meet certain educational criteria.

Educational Loans

A Texas loan is a federal student loan program administered by the U.S. Department of Education. Eligible students may apply for financial aid based on their demonstrated need. Students may qualify for loans based upon their family’s income level and assets. You must sign a promissory note to receive a loan. Your school may use various repayment plans,plans, including standard, extended, graduated, and subsidized repayment options.

Types of loans

There are two types offederal student federal student loans:direct subsidized student loans direct subsidized student loans (DSL) anddirect unsubsidized student loans direct unsubsidized student loans (DUSL). A DSL covers interest while it is being deferred, which means that the borrower does not have to pay any interest until he/she graduates. IfIf the borrower is still enrolled in college, then the interest begins to accrue again. A DSL includes three programs: the William D. Ford Program (WDF), the Perkins Loan, and the PLUS Loan.A DSL includes three programs: the William D. Ford Program (WDF), the Perkins Loan, and the PLUS Loan.WDF is only available to parents with an annual adjusted gross household income of less than $80,000; Perkins is only available to parents with an annual income of between $80,000 and $110,000; and PLUS is available to anyone with an annual income of more than $110,000.

Repayment plan

Direct Unsubsidized Loans have no restrictions regarding payments. Direct Subsidized Loans require borrowers to pay interest for six months after they graduate. Then, borrowers are allowed to defer paying interest until they enter repayment. To do so, borrowers are required to begin repaying at least 10% of their monthly payment, which could be anywhere between 6 months andand 15 years. Borrowers may repay their loansloans faster if they work in low-paying jobs for five years. These borrowers will finish repaying sooner than those who don’t work.

Interest rates

The current rate for unsubsidized loans is 4.21%. This number was calculated using the average cost of tuition and fees for the 2011-2012 academic year. The rates vary depending on the type of loan chosen:WDF owns 4.21%, Perkins owns 4.20%, and PLUS owns 5.31%. WDF owns 4.21%, Perkins owns 4.20%, and PLUS owns 5.31%.

How to apply

You can apply online at www.studentloans.gov. If you prefer to apply via mail, visit the Financial Aid website to find out how to fill out your Free Application for Federal Student Aid. You can also call 1-800-4FAFSA (1-800-433-3243).

A TexasA Texas Extra Credit Education Loan

The TexasThe Texas ECEL (Extra Credit Educational Loan) Program helps students afford their tuition fees at Texas colleges and universities and provides them with an opportunity to earn college credit while still enrolled in high school. Eligible students attending public schools may borrow $5,000 per year towards tuition costs at four-year institutions of higher education. ECEL funds need only be repaid if the student earns less than 60% of his/her previous academic year’s income. Private companies offer similar programs.

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