College Access Loan
The College Access Loan Program provides alternative educational loans to Texas students who are unable to meet the cost of attendance. The CAL may be used to cover part or all of the student's Expected Family Contribution (EFC). Students do not have to demonstrate financial need. However, the amount of federal aid for which you are eligible (regardless of whether actually accepted) must be deducted from the cost of attendance in determining the CAL loan amount.
- The FAFSA and all supporting documents are required for the College Access Loan (CAL).
- The CAL is awarded based on the requirements set by The Higher Education Coordinating Board (THECB) (www.hhloans.com) and the availability of funds. The CAL is awarded only to Texas residents.
- The CAL is a student initiated process. The application process includes the application, credit check, and self certification. (www.hhloans.com) The credit decision is good for 90 daysLoan
- Loan Period Tables
Click on the appropriate term below and use the loan period dates listed when applying for your loan.
- Once the THECB has received and approved all application documents and credit is approved, TTU will be notified to certify loan eligibility. TTU will certify the loan up to the cost of education minus any other aid the student has been awarded, or for the approved loan amount.
- Once TTU certifies CAL eligibility, the THECB will send the student a Loan Approval Disclosure by mail. The student may electronically accept the terms of the disclosure. (www.hhloans.com)
- Loan funds will not be released to TTU by the THECB until the Loan Approval Disclosure has been accepted by the THECB. Loan funds are generally sent to TTU in 10-14 business days after the Loan Approval Disclosure has been accepted.
- To check the status of your CAL go to www.hhloans.com click log in.
Loan money from the CAL, private, or BOT will be applied to the student's billing account at TTU and any refund will be sent to the student via direct deposit or paper check. The student can sign up for direct deposit via MyTech. (www.raiderlink.ttu.edu)
- Be a Texas resident
- Be enrolled at least half-time in:
- a course of study leading to an associate's, bachelor's, graduate, or higher degree; or
- an approved alternative educator certification program;
- Meet the satisfactory academic progress requirements set by the institution.
- Receive a favorable credit evaluation or provide a cosigner who has good credit standing and meets other requirements.
Who can be used as a cosigner?
- Be at least 21 years of age,
- Have a regular source of income,
- Not be the borrower or the spouse of the borrower,
- Receive a favorable credit evaluation, and
- Be a permanent U.S. resident or a U.S. citizen and reside in the U.S. or in a U.S. territory
Students may borrow up to the amount of their full cost of attendance minus all other financial aid they are eligible for, including amounts not yet accepted.(No less than $100.00)
Is the FAFSA required?
Yes, the student must submit the FAFSA in order to receive these loans.
Is a credit check required?
Yes, before the loan is approved,THECB checks the applicant and cosigner credit information. Applicants with adverse credit scores may not be approved. A cosigner is not required but is strongly encouraged.
Fixed 4.5% annual rate
Interest is not capitalized
An origination fee will be deducted from the proceeds of each loan based on the higher of your or your cosigner's Experian VantageScore and a favorable credit evaluation:
- 0% fee if either the student or cosigner has an Experian VantageScore of 711 or higher, or
- 3% fee if either the student or cosigner has an Experian VantageScore between 651 and 710, or
- 5% fee if either the student or cosigner has an Experian VantageScore between 591 and 650
Principal balances under $30,000 have up to a ten-year repayment period with minimum monthly payments of $50;Principal balances of $30,000 or more have a repayment period up to 20 years;
Loans have a six-month grace period from the date a borrower ceases to be continuously enrolled as at least a half-time student at an eligible institution.
Postponements of loan repayment and income-sensitive or graduated repayment schedules are available.
How to Apply
Students may apply online. The application process includes:
- A Solicitation Disclosure (must be signed)
- Student's Self-Certification form (must be completed and signed electronically or mailed to HHLoans).
- Loan Approval Disclosure Statement to be signed and returned after loan is approved.
If the College Access Loan is declined based on the credit inquiry, the borrower may update their application to include a credit worthy cosigner, or change cosigners. The cosigner will need to provide information on the loan application to authorize the credit inquiry.
For more information on the CAL, please visit HHloans.com, or contact them at 800-242-3062.