Loans

Loans are a type of financial aid that enables students and parents to borrow money to pay for their educational expenses.

There are several sources of educational loans including the federal and state government and UTSA. Carefully read requirements of each loan type so that you can ensure you are borrowing wisely.

Federal Loans

The Federal Direct Loan program is provided by the US Department of Education and is available for undergraduate and graduate degree-seeking students who are enrolled at least half-time. Students are offered Federal Direct Loans by filling out the FAFSA and having it sent to UTSA. There are two types of Federal Direct Loans that students may be offered. Typically, these loans do not go into repayment until after a student graduates or stops attending at least half-time for six months or more. Find out the current interest rates for Federal Direct Loans from Federal Student Aid. The federal government charges an origination fee for Subsidized and Unsubsidized loans, and that amount is taken out of the disbursed amount. The origination fee charged for these loans changes, so for the most up to date rate, visit Federal Student Aid’s site.

Federal Direct Subsidized Loans

The Federal Direct Subsidized Loan is available to undergraduate students who demonstrate need as determined by the FAFSA. The interest accrued on these loans is paid for by the government while the student is enrolled. There are time limits designating how long a student can receive a subsidized loan. Find out more about these time limits. The maximum an undergraduate can be offered in a subsidized loan in a year ranges from $3,500 to $5,500 based on your class level.

Federal Direct Unsubsidized Loans

The Federal Direct Unsubsidized Loan is available to undergraduate students who have filed a FAFSA. Interest accrues on these loans while the student is in school.

Federal Direct Loan Limits

There are limitations set by Congress about how much a student can borrow in these loans both per year and during the course of study. Find out the annual and total loan limits on the Federal Student Aid’s website.

Steps to Receive a Loan

In order for a student to borrow a loan, the following steps must be completed:

  • Accept a full or partial amount of loans on the student portal ASAP
  • Complete Federal Direct Entrance Counseling online at www.studentloans.gov
  • Sign an Electronic Master Promissory Note (EMPN) for your loans at www.studentloans.gov with your FSA ID

Repayment Options

Both of these loan programs offer multiple repayment plans from 10 to 30 years. The interest rate can vary, depending on the year in which the loan is taken, but will typically be no more than 6.8%. Find out more about repayment plans on Federal Student Aid’s website.

Loan Proration

Loan proration impacts undergraduate students applying for fall graduation who are receiving the Federal Direct Stafford Loans.

Federal regulations require schools to prorate the Federal Direct Stafford Loan amounts for graduating undergraduate students when their final period of enrollment is less than a full academic year. The loan limit proration determines the maximum loan amount that a student may borrow for the final term of study based on the degree they are earning.

Graduating undergraduate students who are only attending the fall semester of the academic year will have their Federal Direct Stafford Loans prorated based on the number of credit hours they are enrolled.

Note: Graduate and professional students are excluded from the loan proration requirement

Loan Proration for Graduating Borrowers

Please note that the actual loan amount may be less if a student has reached their annual or lifetime aggregate loan limits prior to fall semester.

Maximum Loan Amounts for Fall Semester

Dependent Student

Credit Hours in Fall Subsidized Loan Amount Unsubsidized Loan Amount Total Loan Amounts Combined
0 to 5 $ 0 $ 0 $ 0
6 $ 1375 $ 500 $ 1875
7 $ 1604 $ 583 $ 2187
8 $ 1833 $ 666 $ 2499
9 $ 2062 $ 750 $ 2812
10 $ 2291 $ 833 $ 3124
11 $ 2520 $ 916 $ 3436
12 $ 2750 $ 1000 $ 3750
13 $ 2979 $ 1083 $ 4062
14 $ 3208 $ 1166 $ 4374
15 $ 3437 $ 1250 $ 4687
16 $ 3666 $ 1333 $ 4999
17 $ 3895 $ 1416 $ 5311
18 $ 4125 $ 1500 $ 5625
19 $ 4354 $ 1583 $ 5937
20 $ 4583 $ 1666 $ 6249

Independent Student

Credit Hours in Fall Subsidized Loan Amount Unsubsidized Loan Amount Total Loan Amounts Combined
0 to 5 $ 0 $ 0 $ 0
6 $ 1375 $ 1750 $ 3125
7 $ 1604 $ 2041 $ 3645
8 $ 1833 $ 2333 $ 4166
9 $ 2062 $ 2625 $ 4687
10 $ 2291 $ 2916 $ 5207
11 $ 2520 $ 3208 $ 5728
12 $ 2750 $ 3500 $ 6250
13 $ 2979 $ 3791 $ 6770
14 $ 3208 $ 4083 $ 7291
15 $ 3437 $ 4375 $ 7812
16 $ 3666 $ 4666 $ 8332
17 $ 3895 $ 4958 $ 8853
18 $ 4125 $ 5250 $ 9375
19 $ 4354 $ 5541 $ 9895
20 $ 4583 $ 5833 $ 10416

 

The Federal Direct Parent PLUS Loan is a federal loan available to parent of dependent, undergraduate students. If your student needs additional funding to help with the cost of college, parents can apply for this credit-based loan at www.studentloans.gov. Find out more about the current interest rate for Federal Direct Parent PLUS Loans and the origination fee charged for the loan. Please review repayment options for parents who borrow this loan.

How to Apply for a Federal Direct Parent PLUS Loan

Applying for a Parent PLUS Loan is simple. Biological, adoptive or step parents can apply for a Parent PLUS loan as long as their undergraduate student has a FAFSA on file. Here are the steps involved:

  • Go to www.studentloans.gov and
  • Click on the “Apply for a PLUS Loan” option
  • Locate PLUS Application for PARENTS and click “Start”
  • Select appropriate aid year
  • Agree to a credit check and view your instant decision

After you receive your credit decision, UTSA will be notified of the outcome. If approved, your loan will be certified for the amount you requested. If denied, students will be offered an increased Federal Direct Unsubsidized Loan.Parents must also electronically sign a Master Promissory Note (MPN) on studentloans.gov. Click the link to “Complete Loan Agreement” and choose the option “PLUS MPN for Parents.

Typically, the Financial Aid Office will begin to certify the Federal Direct Parent PLUS loan in late May for the upcoming fall semester.

The Federal Direct Graduate PLUS Loan is a federal loan available to graduate students. If students need additional funding to help with the cost of college, they can apply for this credit-based loan at www.studentloans.gov. Find out more about the current interest rate for Federal Direct Graduate PLUS Loans and the origination fee charged for the loan. Please review repayment options for students who borrow this loan.

How to Apply for a Federal Direct Graduate PLUS Loan

Applying for a Graduate PLUS Loan is simple. The first step is to have a FAFSA on file. After graduate students have exhausted Federal Direct loan limits, any remaining cost can be covered by the Federal Direct Graduate PLUS loan. Here are the steps involved with applying for this loan:

  • Go to www.studentloans.gov and
  • Click on the “Apply for a PLUS Loan” option
  • Locate PLUS Application for GRADUATE/PROFESSIONAL students and click “Start”
  • Select appropriate aid year
  • Agree to a credit check and view your instant decision

After you receive your credit decision, UTSA will be notified of the outcome. Your loan will be certified for the amount you requested if approved. Typically, the Financial Aid Office will begin to certify Graduate PLUS loan in late May for the upcoming fall semester.

State Loans

The Texas B On Time Loan is a zero-interest loan for eligible Texas students to attend colleges and universities in Texas. If a student meets specific goals, the entire loan amount can be forgiven upon graduation. The Texas Higher Education Coordinating Board (THECB) is responsible for setting the loan limits for the Texas B-on-Time loan and loan amounts vary from year to year. A 3% origination fee will be deducted from the loan proceeds. Students who receive the Texas B-on-Time loan in one academic year are not guaranteed to receive it again in the following year or in subsequent years. Read more about the B on Time Loan with this Fact Sheet.

As of the 2015 Texas legislative session, the B On Time loan is no longer offered to first-time students, however, those previously offered it, can continue to receive it in future years.

Renewal Requirements

Previous recipients of the B On Time Loan can continue to receive the loan each year for a maximum of 150 credit hours. The offering of this loan is based on students meeting the following:

  • File a FAFSA and meet federal financial aid eligibility requirements
  • Maintain a minimum 2.5 cumulative GPA
  • Successfully complete 75% of all courses attempted in the previous aid year
  • Enroll full-time (minimum 12 hours) in an undergraduate degree program
  • Not have exceeded 150 attempted hours toward a degree

Loan Forgiveness Criteria

A Texas B-On-Time loan will be forgiven if the student receives an undergraduate degree or certificate from an eligible institution and the student either:

  • Graduated with a cumulative GPA of at least a 3.0 on a four-point scale, within: four calendar years after the date the student initially enrolls in an eligible 4-year institution, five calendar years, if the degree is in architecture, engineering,
    or any other program determined by the board to require more than four years to complete; or two calendar years after the date the student initially enrolled in a public or private two-year institution
    OR
  • Graduated with a cumulative GPA of at least 3.0 on a 4.0 scale, with a total number of credit hours (including transfer hours) that is no more than six hours beyond what is required to complete the degree or certificate. Hours earned exclusively by examination and dual credit hours should not be included in the total credit hours.

IRS regulations indicate that B-On-Time loans must be reported as taxable income when they are forgiven. More information on this program is available on the Texas Higher Education Coordinating Board website www.hhloans.com.

The College Access Loan (CAL) is a non-need based state loan program administered by the Texas Higher Education Coordinating Board (THECB). The CAL loan is only available to degree-seeking students who are Texas residents. The CAL loan is considered another type of private loan that is intended to supplement traditional financial aid programs. We encourage you to consider your options for Federal financial aid loans before applying for an alternative loan. Find out more about the interest rate and fees associated with borrowing this loan on the state’s website.

Student Eligibility Requirements

  • Students must be enrolled at least half-time per semester
  • Students must be making Satisfactory Academic Progress (SAP) every semester
  • Students MUST be a Texas Resident or an HB 1403 student in order to be eligible to receive the CAL loan
  • Federal Direct Loan eligibility will be taken into consideration whether or not the student has accepted or declined the loans
  • Students need to be credit-worthy or have a credit-worthy co-signer in order to pursue a CAL loan

How to Apply

To apply for a CAL, follow these steps:

  • Students must log in to the THECB website and complete the CAL Loan application

UTSA Loans

The UTSA Student Teaching Education Loan Forgiveness Program was established to help student teachers with expenses during the extremely important semester of student teaching. All students approaching their student teaching semester are eligible to apply. Priority will be based on financial need and critical shortage field status. Critical shortage fields are deemed by the state to be Math, Science, Special Education, Languages other than English, and ESL/Bilingual Education.

Requirements to Apply for the Loan

Students must meet the following requirements to be eligible to receive the UTSA Student Teach Education Forgiveness Loan:

  • Be enrolled in the Student Teaching course for the semester in which they apply for the loan.
  • Completed the Free Application for Federal Student Aid (FAFSA) and be packaged for financial aid for the academic semester they are applying for the loan
  • Submit the UTSA Education Loan Forgiveness Program Application to the Office of Student Teaching for Certification
  • Must not have received the UTSA Education Loan Forgiveness in a prior year
  • Students must meet Satisfactory Academic Progress requirements.

How to Apply

Students must complete the UTSA Education Loan Forgiveness Program Application located on the Student Teaching website.

Students must submit the completed application to the Office of Student Teaching located in the Main Building, room 3.310, by the deadline for the appropriate term. Please refer to the Office of Student Teaching’s website for the deadline of when the application must be submitted for the correct term.

Any applications that are submitted incomplete will delay the process of being offered this funding.

The UTSA Book Loan is a short-term loan available to undergraduate and graduate students who do not owe a balance to the university. Students must be enrolled a minimum of half-time in order to qualify for this loan. The maximum offer is $500 and there is a 5% annual interest fee associated with this loan.

How Do I Apply?

There is a Book Loan day prior to the start of each semester.
The Summer 2019 Book Loan date is:

  • Minimester – Monday, May 13th
  • Summer I/10 week term – Thursday, May 23rd
  • Summer 2 term – Monday, July 3rd

Fall 2019 Book Loan date is:

  • Thursday, August 22nd

Spring 2020 Book Loan date is:

  • TBD

You can come to One Stop on that day at either the Main or Downtown Campus and fill out an application to qualify. Here are the items you need to bring:

  • Photo ID
  • The name of three references who live at three separate addresses

When Must I Repay the Book Loan?

Book loans are due in full by the following dates to avoid holds and additional interest fees:

  • Fall Semester: November 30
  • Spring Semester: April 30
  • Summer Semester: July 31

The UTSA Tuition and Fee Loan is not like a traditional loan. The tuition and fee loan is a way to delay payment if you cannot pay your tuition and fee bill by the payment deadline. The University charges a 5% annual interest rate for this delay of payment.

Who can apply?

To qualify for a tuition and fee loan you must:

  • Be enrolled in a minimum of 3 credit hours
  • Have no financial holds (Fiscal Services, parking, library fines, etc)
  • Be at least 18 years of age (or have a cosigner*)

You do not have to be a recipient of financial aid to apply for a Tuition and Fee Loan.

*If you are under the age of 18, you must submit the promissory note in person to One Stop Enrollment Center and cannot submit an electronic signature. Your cosigner must be present to sign at Enrollment Services or the tuition and fee loan cannot be processed.

Application Process

The Tuition and Fee Loan online application is available:

Fall: August 1
Spring: December 1
Summer: May 1

You apply for the tuition and fee loan online by logging into your ASAP account. It is recommended to use Internet Explorer when accessing ASAP for the tuition and fee loan and ensure Java Script is enabled on your settings.

Once logged in, follow these steps:

  1. Update your address and email if not currently valid
  2. Select ” Financial Aid” tab at the top
  3. Select “Tuition and Fee Loan Application – eSignature”
  4. Select applicable enrollment term in the drop-down box and click “Submit Term”

This process will pull up the online tuition and fee loan application. You are welcome to request up to the amount of your tuition and fees or a smaller amount. The amount of any pending financial aid is taken into consideration. You may not exceed your tuition and fees. Please remember that housing, meal plan and other charges like parking cannot be enveloped in the tuition and fee loan.

To complete the application you will need:

  1. Your employer information
  2. Your spouse’s employer information (if married)
  3. References for 3 separate individuals*
    *At least 2 must live at a different address than you and a minimum of 2 references must live in the United States. Without adequate references, your application will be declined.

Once the application is completed, you can electronically sign the application to submit for processing by Financial Aid and Scholarships.

All applicants for the Tuition and Fee Loan agree that the transaction may be conducted electronically, including but not limited to using digital sigantures, in accordance with 2054.060. TX GOVT. CODE.

Application Processing Time

Once you submit your electronically signed Tuition and Fee Loan, your application is sent to be reviewed by Financial Aid and Scholarships. It takes one business day for us to review submitted applications. As such, tuition and fee loans will only be available up until the close of the business day of payment deadline. NOTE: During the summer semester, tuition and fee loans must be submitted and electronically signed no later than 4:30pm on the day of the payment deadline.

It is very important to not wait until payment deadline to submit your electronically signed Tuition and Fee Loan. If you decide to resubmit the Tuition and Fee Loan after being declined, it will take another business day for the new application to be reviewed.

Approved Applications

If there are no errors present in your application, then it will be reviewed and approved. Once approved, you will receive a notification email to your preferred email as indicated in ASAP. At this point, you will see the Tuition and Fee Loan on your billing statement. Once approved, your application is valid and you will now be responsible for paying it back by the deadline. No further action will be necessary on your part.

Tuition and Fee Loan Promissory Note

A copy of your Tuition and Fee Loan promissory note will be emailed to your preferred email account within 2-3 business days after the approval of your loan. You will want to print and retain this note for your records.

Declined Applications

Errors in your application could cause us to decline your application. An example would be providing insufficient references. If declined, you will receive an email to your preferred email as indicated in ASAP. At that point, you would need to either resubmit your application for reconsideration or, if the deadline to submit has passed, make other payment arrangements for your tuition and fees to prevent your classes from dropping. If your application is declined, your Tuition and Fee Loan will not be valid.

It is very important to not wait until payment deadline to submit your electronically signed Tuition and Fee Loan. If you decide to resubmit the Tuition and Fee Loan after being declined, it will take another business day for the new application to be reviewed.

Loan Repayment

Your promissory note will indicate the date the balance is due and how much interest will be charged. The interest rate assessed is 5% per year, prorated to 90 days. The due dates are as follows:

Fall: November 30
Spring: April 30
Summer: July 31

If not paid by the deadlines, then a $10 late fee will be assessed and interest will continue to accrue. For more details regarding due dates, repayment, and repercussions for non-payment, please refer to your Master Promissory Note.

Private Loans

Private loans (sometimes called alternative loans) are educational loans that are available through private lenders. They are not part of the federal government loan program and are intended to supplement traditional financial aid programs. These loans require a student to be credit-worthy or have a credit-worthy co-signer. Terms, interest rates and fees vary by lender. Students are encouraged to research various alternative loan options and select the one that best fits their circumstances. Applications may need to be requested from the lender, but most are available for students to fill out online.

Before considering or applying for an alternative loan, Financial Aid & Scholarships strongly encourages you to apply for federal aid by completing the Free Application for Federal Student Aid (FAFSA) (http://fafsa.ed.gov). Federal student loans often provide better interest rates, terms and flexibility in repayment compared to alternative loans.

You are free to select any private lender offering alternative loans. While UTSA does not recommend any specific lenders for alternative loans we do recommend you compare loans from several lenders to find the best interest rate, terms and repayment options for your situation.

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