Program Purpose
To provide no-interest loans to eligible students to enable them to attend
college and universities in Texas.
Who can apply?
Individuals who:
- are Texas residents,
- are graduates of public or accredited private high schools in Texas not earlier than the 2002-2003 academic year,
- completed the recommended or advanced high school curriculum,
- have not yet earned a bachelor's degree,
- are enrolled full-time in an undergraduate degree or certificate program at an eligible institution,
- have completed a Free Application for Federal Student Aid (often referred to as the FAFSA), and
- have been certified by the designated school financial aid officer as eligible for a Texas B-on-Time Student Loan.
The loan is available to assist students with educational costs for up to 150 semester credit hours. If you are an eligible student you will be notified by your institution and you must complete your portion of the application to receive this loan. The Texas Higher Education Coordinating Board will begin offering loans in the spring of 2004, retroactively for the Fall of 2003.
Continuing Eligibility: Once a student has received a loan through this program, to maintain eligibility for
future disbursements, the student must:
- First Academic Year - make satisfactory academic progress toward a degree or certificate as determined by the institution at which the person is enrolled,
- Second and Subsequent Academic Years - must complete at least 75 percent of the semester credit hours attempted in the most recent academic year and have cumulative grade point average of at least a 2.5 on a 4.0 scale (or the equivalent) on all coursework previously attempted at institutions of higher education.
Repayment/Forgiveness: If the student completes his or her degree on time and graduates with a B average, the student would not have to repay the loan. To graduate ""on time,"" a student must
- finish a four-year degree in four years, having taken no more than 6 semester credit hours beyond what is required for his or her major, or
- finish a five-year degree in five years, having taken no more than 6 semester credit hours beyond what is required for his or her major.
Where may the awards be used?
Texas public and private institutions of higher education.
How much can be awarded?
The amount of the loan will be the average statewide amount of tuition and required fees. Loan amounts for the 2003-2004 academic year are as follows:
- 4 year public and private universities $3,140
- 2 year public and private junior colleges $1,270
- public technical colleges $1,860.
A three percent origination fee will be deducted from the loan proceeds.
How can I apply?
Applications for this program are not currently available. The Texas Higher Education Coordinating Board expects to begin processing applications for this program in the spring of 2004, retroactively for the fall of 2003.
