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LOANS
An education loan is a legally binding contract that must be repaid
with interest even if you do not graduate, find a job, or if you are
not satisfied with the education you received. You are not obligated
to accept any loan funds offered if you do not need them. When considering
loans, never borrow before you have exhausted all other sources of financial
aid and never borrow more than you need. Pre-Loan Counseling is required
on all loans.
For more
information on student loans visit the Texas Guarrantteed Student Loan
Corporation (www.tgslc.org) web
site. Here you can find lots of useful information, including loan limits,
expected monthly payments, repayment options, and much more.
FEDERAL
PERKINS LOAN
This loan is a campus-based program available to both undergraduate
and graduate students with exceptional financial need. The amount varies
depending upon need, but the aggregate amount cannot exceed $15,000
for undergraduate study and $30,000 for graduate study including amounts
borrowed for undergraduate study. Interest rate is 5%. Repayment begins
nine months after leaving school or dropping below half-time status.
You must be enrolled on at least a half-time basis on the official day
of census to receive an award.
If you received
a Perkins loan while attending A&M-Corpus Christi, you can find out information
on your outstanding loan by visiting the Campus Partners (www.campuspartners.com)
web site. You can also contact Campus Partners at 800-458-4492 or at PO
Box 2902, Winston-Salem, NC 27102.
FEDERAL
SUBSIDIZED STAFFORD LOAN
This loan is based upon financial need and is available to undergraduate
and graduate students. The amount varies depending upon demonstrated
need. Repayment begins six months after graduation or when the student
withdraws or drops below half-time status. There is a maximum repayment
period of ten years with a minimum payment of fifty ($50.00) dollars.
The interest rate on the Stafford Loan is variable, but will not exceed
8.25%. The federal government pays the interest to the lender during
the student's enrollment, during the grace period, and during authorized
periods of deferment on a Subsidized Loan. You must be enrolled on at
least a half-time basis at the time of disbursement. Please be aware
that first- year, first- time borrowers must wait thirty (30) days from
the beginning of the semester for first disbursement.
Annual
Loan Limits
| $3,500
- Freshmen |
$4,500
- Sophomores |
| $5,500
- Juniors and Seniors |
$21,000
- Graduates and professional students |
Aggregate
Loan Limits
$23,000 - Undergraduates (dependent students)
$46,000 - Undergraduates (independent students)
$138,500 - Undergraduate and Graduate combined
FEDERAL
UNSUBSIDIZED STAFFORD LOAN
This loan program is open to students who may not qualify for subsidized
Federal Stafford Loans. This loan has the same terms and conditions
as Subsidized Stafford Loans, except the government does not pay interest
on the student's behalf. You must be enrolled on at least a half-time
basis at the time of disbursement. Please be aware that first- year,
first- time borrowers must wait thirty (30) days from the beginning
of the semester for first disbursement.
FEDERAL
PARENT LOAN FOR STUDENTS (PLUS)
This loan is a low interest rate installment loan for parents and/or
stepparents to help pay for their dependent student's education. There
are no loan annual loan limits for loans. The PLUS loan may not exceed
the student's cost of education minus all other financial aid awarded
(effective for loans disbursed on or after 7/1/93). The interest rate
on a PLUS Loan varies annually, but cannot exceed 9%. The parent borrower
must begin repayment of the loan within 60 days of the loan disbursement
and they have up to ten (10) years to repay the loan. Your student must
be enrolled on at least a half-time basis at the time of disbursement.
Please be aware that first- year, first- time borrowers must wait thirty
(30) days from the beginning of the semester for first disbursement.
* Exit counseling
is required on all above loans (Federal Perkins, Federal Stafford, Federal
Unsubsidized Stafford, PLUS) the last semester the student attends A&M-Corpus
Christi (e.g. graduation, withdrawals, drops to less than half-time
status or is not returning). Holds will be placed on student records
for registration and transcripts if the counseling is not completed.You
can complete an on-line exit session at www.mapping-your-future.org/
to satisfy this requirement.
HINSON-HAZLEWOOD
COLLEGE STUDENT LOAN (CAL)
This is a state loan available to graduate and undergraduate students,
who are Texas residents and show financial need. Maximum annual amounts
and repayment are the same as Stafford Loans. Interest rates are at
a 9%, this is subject to change. Students must exhaust all other federal
financial aid before applying for a CAL Loan.
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