Texas Student Loans

Student Loans in Texas

The state of Texas offers several financial aid programs for aspiring college students. There are several options to choose from in the Federal and State loan schemes and there are several players in the private arena as well. The Texas Higher Education Board has been offering several loan programs since its inception in 1965.  With the Hinson-Hazelwood student loans, several loans are available for students who are Texas state residents and to those who are eligible to pay in state tuition.

The following loans were offered in 2011-2012 and maybe offered in the current year as well

  • Texas B-on-Time loan
  • CAL or College for all Texans Loan
  • Texas Armed Service Scholarship.

Since these are state subsidized loans, they require filling up of a FAFSA form and may require a student to keep up a certain GPA.

Other government sponsored loans include :

Before you start to look at student loans, it is prudent to look at all grants options that the state of Texas offers. A grant program requires no repayment, the main reason why they are most sought after. Scholarships also are similar to grants where they require no repayment, however most scholarships are merit based whereas a grant is often need based. There are different types of grants such as federal and state grants, corporate and private grants and Institutional grants. These maybe provided to financially needy students, may require the student to keep up a certain GPA or may require the student to take up certain courses. Another prerequisite is to ascertain whether the school to which you are applying is a part of the grant program.

State sponsored Texas Grant Programs include

  • Texas Public Educational Grant
  • Leveraging Educational Assistance Partnership Program
  • Tuition Equalization Grant Program.

Since the Texas higher Education board processes its own loans, directly approaching the Board is the way to process the loan at the earliest.

A list of Texas Student lenders through whom Stafford loans maybe processed is given below, with their phone numbers:

  • Aggieland Credit Union, College Station Texas,409-696-1440
  • Austin Muncipal Federal Credit Union, Austin, 512-477-6356
  • Commercial Bank of Texas, Nagogdoches, Texas, 936-569-5110 or 800-723-7601
  • First American Bank, Bryan  Texas, 409-361-6230
  • Temple Area Federal Credit Union, Temple 245-773-1604
  • Texas Independent Bank, Irving Texas800/288-4842 or 800-343-5904.

Other financial aid offered include Loan Forgiveness Programs, Exemptions, Prepaid Tuition, Tax Credits and other Professional waivers and ofcourse Work- Study Programs. In the case of Prepaid Tuition, the college education of the beneficiary is guaranteed if all the premiums are paid on time.

Several loan repayment programs are also available, which ensure the easy repayment of student loans. They include Border County doctoral faculty, Children’s Medicaid, Dental Education, Doctoral Incentive, John R Justice, National Health Service, Nursing Education, Physician Education and the Teach for Texas loan repayment programs.

However, quite often, it is seen that federal or state sponsored loans do not cover all the aspects of the time or the equipment required for  a college degree. In such cases, it is essential to also apply for a private loan. Keep in mind to only apply for a private student loan once you have exhausted all other federal student loans, grants and scholarship options. There are quite a few private student loan lenders that give attractive packages to students, including free processing, low rates of interest and long duration of repayment.

Some of the private lenders are listed below. The best way to get in touch with a private lender is to directly approach them.

  • Wells Fargo
  • Sallie Mae
  • Citi Financial
  • PNC, Citizen’s Bank
  • Union Federal
  • Discover
  • US Bank
  • Charter one Bank.

As you can see, you have plenty of options when it comes to funding you college education in the state of Texas. With proper planning and focus, there is no reason why you cannot get the best possible student loan that suits your needs. A student loan application is not a trivial matter and the right decision can end up saving you a lot of money over the years. With several loan options available and with a little research and planning, an affordable college education in Texas can be a reality after all.

 

 

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