College Access Loan

***Please Note - CAL funds may be included in your financial aid package and might even be used to clear with the Business Office. However, the State does not notify the Financial Aid Office of it's decision to approve or disapprove the loan, and they may even deny the loan after the semester begins. If this happens, the loan will be deleted at that time, and you will be responsible for any charges that it originally covered.

The College Access Loan Program provides alternative educational 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

· 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

ANNUAL LOAN AMOUNTS

· Students may borrow 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 if both the borrower and cosigner have a good credit standing

· A 5% origination fee will be deducted from the proceeds of each loan if either the borrower or cosigner, but not both has a good credit standing

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

2009 -2010 INTEREST RATES – Students may choose either:

· A fixed annual rate of 6.00% 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 3.91%

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 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

ON-LINE APPLICATION

Apply on-line by visiting our website at www.hhloans.com . For more information, contact the Texas Higher Education Coordinating Board Loan Services Office at 1-800-242-3062.