Loans and State Aid
Texas Tech University offers a variety of educational loan options for students to assist with educational expenses. Students may select loans offered by the State of Texas, the federal government, or alternative loans through lenders.
Federal Direct Unsubsidized Loans
Law students are eligible for Federal Direct Unsubsidized Loans, which are not based on financial need. Students are responsible for all of the interest on unsubsidized loans. The current interest rate on Unsubsidized Direct Loans for graduate students is 6.8%.
The yearly maximum eligibility for Unsubsidized Direct Loans is $20,500. (Note: Loan limits are for an academic year, which runs from August to August.)
More information regarding the Federal Direct loan program can be found at studentaid.ed.gov.
Federal PLUS Loan
PLUS loans are federal loans that graduate or professional degree students can use to help pay education expenses. The U.S. Department of Education makes PLUS Loans to eligible borrowers through schools participating in the Direct Loan Program.
- The U.S. Department of Education is the lender.
- The borrower must not have an adverse credit history.
- Loans have a fixed interest rate of 5.3%.
- The maximum loan amount is the student's cost of attendance minus any other financial aid received.
Students receiving a PLUS loan in addition to an Unsubsidized Direct Loan must complete a separate Master Promissory Note for each loan.
For detailed information on Direct PLUS loans, including application instructions and repayment options, visit studentaid.ed.gov/types/loans/plus.
Texas College Access Loan (CAL)
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 along with or instead of PLUS loans to cover up to the student's cost of attendance.
Students do not have to demonstrate financial need. However, the amount of federal aid for which you are eligible must be deducted from the cost of attendance in determining the CAL loan amount. The current interest rate is 4.5% fixed, and interest is not capitalized.
Although this is not a Federal loan and therefore does not qualify for Federal programs such as Income Based Repayment, the terms are still and might present a better option than Federal PLUS loans to many students.
To be eligible, students must:
- Be a Texas resident; and
- Be enrolled at least half-time; and
- Meet the satisfactory academic progress requirements set by the Law School; and
- Receive a favorable credit evaluation or provide a cosigner who has good credit standing and meets other requirements
For details on loan fees and repayment rules, visit the Texas Higher Education Coordinating Board Student Loans website.
Texas Public Education Grant (TPEG)
The Texas Public Educational Grant was established by the Texas Legislature for the purpose of providing a program to supply grants of money to students attending institutions of higher education in Texas. You must complete the FAFSA to apply. Eligibility is determined, in part, by need and availability of funds.
The maximum grant eligibility for a graduate/professional student at Texas Tech University is $3,500. Grants may be adjusted if scholarships are received. Grants are awarded, in part, on a first-come, first-served basis. Awards are made by the main campus financial aid office, not the law school.