Student Loans for College Students in Texas
Include These Programs in Your Loan Search
The Texas Higher Education Coordinating Board (THECB) has created an extremely accessible and comprehensive online portal for college bound Texas students. You and your parents may find information and resources regarding 529 college savings plans, Federal Family Education Loans, scholarships and grants and alternative financial aid loans, specifically designed for Texas students. As a whole the menu of Texas student loans is known as the Hinson-Hazlewood Loan Program, or HH Loans.
Texas State Lender Offers FFELs
When you choose to finance your HH FFEL loans with THECB you become eligible for potentially big savings in comparison to other lenders. State-sanctioned lenders have tax-exempt funds from which they extend these loans. When monies are not subject to federal taxes, you stand to save money. The Texas Higher Education Coordinating Board may be able to absorb the typical fees associated with student loans. And like other lenders they are also compelled to reward borrowers who consistently make on-time payments. Richer savings can be had for those who choose to setup repayment through automated bank payments. And nothing could be more convenient than a lightning fast online application.
Alternative Loans for Texas Students
You are absolutely required to apply for federal loans before you even consider a private, alternative loan. But chances are your Stafford Loan will only cover a modest piece of your tuition pie. And you’ll be shopping alternative anyway. Before you let your hometown bank sell you a slick “student loan” consider the state-sanctioned program provided by THECB, the HH Loan Program.
- Part of the HH Loan program is a specially designed private loan: the College Access Loan Program or CAL. The CAL is credit-based and available for Texas residents. Comes packaged with a 6-month grace period.
- The Health Education Loan or HELP, also a HH Loan, is designed as an alternative for students pursuing degrees and careers in a healthcare profession, including med students, dentistry, podiatry, nursing, veterinary medicine and others. Includes a 9-month grace period.
Applying for an Alternative Loan
When you apply for a private alternative loan you will have to submit to a credit inquiry. If you don’t have credit established or the credit you have is not up to par, you should have a co-borrower ready if you are not approved. Traditionally students opt for a parent or other creditworthy relative or trusted friend—anyone trustworthy and over 21. And even though you may be thinking you would prefer to qualify on your own merit, a combined good credit rating by both you and your co-borrower is even better for your interest rate. Apply right online and receive a quick response.
Repayment of Loans
The Hinson-Hazelwood Student Loans have specific rates, fees and length of loan repayment. It’s important that understand your debt responsibilities. Choose a repayment plan wisely.
Consolidation loans are an option although they are less and less available. When you have no other options search for a lender that offers exactly what you are looking for.
See the THECB website for more information.