Tips For Getting Student Loans In TexasThere are many options open to Texans who want to go to college. There are federal and state grants and scholarships, private grants and scholarships and some special programs. But getting a student loan in Texas is also a good option, when the intense competition for financial aid makes it difficult to get grants and scholarships to cover the cost of college tuition. Of course, loans need to be paid back but under some programs if the student meets requirements, the loan could be given for free. The two loan programs and loan forgiveness programs described below are exclusive for Texan students and for enrollment in Texas colleges or universities. There are five basic requirements for getting student loans in Texas to pay college tuition:
The Towards Excellence, Access and Success (TEXAS) grant program is for financially-needy high school graduates with good scholastic records. Among other requirements, TEXAS requires the awardee to meet Satisfactory Academic Progress (SAP) requirement of the school. As much as $2,375 per semester can be awarded and in 2005 more than 60,000 students availed of the program. Application is included with the FAPSA and should be accomplished as early as January 1 of the senior year. The Texas B-On-Time Loan Program is designed to grant Texan students with no-interest loans provided they enroll in a Texan college or university. The application and promissory note may be accomplished online. The applicant must be enrolled full time and have never earned a bachelor’s degree. Loan amounts per semester may be as much as $2,375 for a four-year course and must be renewed yearly while maintaining SAP in the first year and maintain a 2.5 GPA from the second year onwards. If the student succeeds in graduating from an eligible institution with a cumulative GPA of 3.0 or more, loan may be forgiven. However, forgiven loans should be reported as taxable income. The Texas state government also provides loan forgiveness programs for students who give back to the community after graduation. In the Outstanding Rural Scholar Program (OSRSP), an eligible student is sponsored through nomination by a rural Texas community into acquiring a health profession. All expenses will be paid provided the student completes the course plan for each semester. Upon completion the training, the student must commit to providing health services to the sponsoring community. Application is coursed through the Office of Rural Affairs. The Conditional Grant Program is offered to students who wish to pursue studies in civil engineering, computer science, computer information systems and management information systems. Eligible students must agree to work for two years with the Texas Department of Transportation and in return will be given $6,000 a year while training depending on financial need. Application deadlines are March 1 of every year. Any of these loan programs will be of benefit to eligible Texan students. And because of the loan forgiveness programs which encourage Texans to give back to the community, granting loans in Texas to pay college tuition may benefit the community as well. |