Texas B-On-Time Loan
The Texas B-On-Time Loan is a no-interest loan for eligible Texas students. This loan carries the added benefit that, if the borrower meets specified goals, the entire loan amount can be forgiven upon graduation. This loan is funded by the State of Texas, with repayment made to the Texas Higher Education Coordinating Board Hinson Hazelwood program.
During the 2015 Texas State Legislative Session, House Bill 1 was passed limiting B-On-Time (BOT) loans to renewal applicants only beginning with the 2015-16 award year. Therefore, to receive a BOT Loan in 2015-16 and in future aid years, a student must have received a BOT disbursement in 2014-15 or a prior award year.
- The FAFSA and all supporting documents are required for the B-On-Time Loan.
- TTU will award BOT based on students eligibility as determined by THECB. (www.hhloans.com)
- The student must accept or decline the loan on MyTech (www.raiderlink.ttu.edu) before TTU can submit the loan request to the THECB for processing. Approximately 48 hours after TTU submits the loan file to the THECB - the student will need to complete the application and promissory note online. (www.hhloans.com).
- Once the student completes the application and promissory note, the THECB will send the student a Loan Approval Disclosure by mail. The student may electronically accept the terms of the disclosure on online. (www.hhloans.com)
- Beginning with the 2015-16 Award Year, all B-on-Time recipients are required to complete BOT Entrance Counseling before loan funds can be disbursed to the student's account. Once BOT Entrance Counseling is completed, the Financial Aid Office will receive confirmation of the completed counseling.
- Loan funds will not be released to TTU by the THECB until the application, promissory note and disclosures are completed and accepted.
- To check the status of a BOT, go to www.hhloans.com and 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 or be entitled to pay resident tuition rates as a dependent child of a member of the U.S. armed forces;
- Received a B-on-Time loan prior to the 2015-16 award year. No funding will be available for first time borrowers and no waiting list is available;
- Not have been granted a baccalaureate degree;
- Be enrolled full time in an undergraduate degree or certificate program at an eligible institution;
- All B-on-Time recipients are required to complete BOT Entrance Counseling on an annual basis before loan funds can be disbursed to the student's account. Once BOT Entrance Counseling is completed, the Financial Aid Office will receive confirmation of the completed counseling;
- Have completed a FAFSA and be eligible to receive federal financial aid.
Upon graduation, a student must complete the Texas B-on-Time Application for Forgiveness. The application must be submitted to the TTU Office of the Registrar. The Office of the Registrar will complete the application and forward to the Texas Higher Education Coordinating Board (THECB). The THECB will review the application to determine if the student is eligible for loan forgiveness. To be eligible for loan forgiveness, a student must receive an undergraduate degree from an eligible institution and meet specific loan forgiveness requirements:
- Graduated with a cumulative GPA of at least a 3.0 on a four-point scale, within:
- 4 calendar years after the date the student initially enrolled in an eligible institution;
- 5 calendar years after the date the student initially enrolled in an eligible institution, if the degree is in architecture (Texas CIP Codes Category 04.0201), engineering (Texas CIP Codes Category 14); or
- 2 calendar years after the date the student initially enrolled in a public or private 2-year institution;
- Graduated with a cumulative GPA of at least 3.0 on a 4.0 scale, with a total number of credit hours earned (including transfer hours) that is no more than 6 hours beyond what is required to complete the degree or certificate. Hours earned exclusively by examination and dual credit hours should not be included in the total credit hours.
Forgiven B-On-Time loans must be reported to the IRS as taxable income.
Is a cosigner required?
A cosigner is not required for this loan program.
Students may borrow:
- Maximum loan amount as determined by the Texas Higher Education Coordinating Board (THECB),
- Cost of Attendance minus all other financial aid, or
- Whichever of the previous two amounts is less.
- Student may choose to reduce loan offered based on desired loan amount.
Texas B-On-Time Loan Proration
*Must be in last semester prior to graduation and lack less than 12 hours to complete degree.
- 12 or more hours 100% of semester award
- 9-11 hours 75% of semester award
- 6-8 hours 50% of semester award
- Less than 6 hours No award, not eligible
Is the FAFSA required?
Yes, the student must submit the FAFSA in order to receive these loans.
Is a credit check required?
No credit check is required for the BOT loan program.
0% is accrued on this loan while attending school
0% is accrued on this loan during the grace period
0% is accrued on this loan during repayment
Interest is never charged on this loan at any time.
3.0% Origination Fee will be deducted from the approved gross loan amount.
Texas B-On-Time (BOT) Loan has a 6-month grace period from the date the student ceases to be enrolled at least half-time at an eligible institution. Repayment begins after the expiration of the 6-month grace period.
The BOT loan has a 15-year repayment period or a minimum monthly payment of $75.00. BOT loans have a 0% interest rate.
Deferments for education enrollment or forbearance (financial hardship) are available. If the account defaults and a judgment is entered against the borrower, interest will begin to accrue at the legal rate described in the Terms and Notices from the date of judgment until the entire debt is paid in full.
How to Apply:
- Eligible students who received an award in 2015-2016 do NOT need to contact the Financial Aid Office. After Spring 2016 grades are finalized, TTU Financial Aid will automatically review all 2015-2016 recipients for a possible Renewal Award in 2016-2017
- Complete the 2016-2017 Free Application for Federal Student Aid (FAFSA).
- Submit all additional documentation required to complete the FAFSA application process.
- Once a BOT award has been added to your award package the student must accept, reduce or reject the award through MyTech portal on Raiderlink
- Once accepted, TTU Financial Aid will certify and submit the application the THECB for processing.
- Student must complete the BOT Loan Counseling annually to receive a BOT loan. BOT Entrance Counseling
- Student must complete Loan Application, Solicitation Disclosure, Self-Certification.
- Loan Approval Disclosure Statement to be signed and returned to Coordinating Board after loan is approved.
For more information on the BOT, please visit HHloans.com, or contact them at 800-242-3062