What should I expect during the College Access Loan application process?
The College Access Loan is available from the state of Texas for certain students who are Texas residents. Limited fundsprovided from state sources. Students must be enrolled full time (12 hours for undergraduates). FAFSA for 2011-2012 must be on file.
Eligibility: The student will be the borrower, and traditional undergraduate students will require a credit-worthy cosigner to qualify. Spouses are not eligible to cosign on this loan. Apply online at www.hhloans.com.
Loan Terms: Fixed interest rate of 5.25%. Repayment begins 6 months after the date the student is no longer enrolled at least 1/2 time (or student graduates). Fee deducted from application amount will be 3% - 5%, depending on credit. Balances under $30,000 have a ten-year repayment period; balances of $30,000 or more are paid over twenty years. Click here for important loan disclosure information.
Credit Qualifications: Almost all undergraduate students will require a credit-worthy cosigner to qualify. In general, credit-worthiness consists of a FICO credit score above 700, a minimum of five trade lines of credit (student loans do not count), no public records, and no defaulted education loans. Cosigners must be 21 years of age, have a regular source of income, and be a permanent resident or citizen of the United States. A student may not use his/her spouse as a cosigner for this loan.
Important: If you will be applying for a CAL loan for summer as well as a CAL for fall/spring, you must wait a minimum of 2 weeks between these applications. (See the summer financial aid page for more details regarding summer financing.)
Please Note: Credit approval information is not available to TCU prior to disbursement of College Access Loans. Therefore, the TCU Financial Services office will not be able to consider these funds in their calculations of anticipated financial aid. You may be required to make a payment on your student account prior to loan disbursement.
Processing time on state loan programs can be up to 4 weeks and disbursements from the state can be delayed past university requested disbursement dates. During this extended processing time, pending proceeds from this loan will NOT be considered when calculating account balances and payment due amounts and finance charges WILL be assessed. If you cannot make payments to TCU on or before the billing due date, we strongly recommend that you select another type of loan program.
College Access Loan Exit Interview Form (for students graduating or withdrawing from TCU)
TCU Loan Team Contact:
817-257-7858
