State of Texas Financial Aid Programs Loans, Loan Forgiveness and Loan Repayment Programs

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1 State of Texas Financial Aid s s, Forgiveness and s College Access s Teach for Texas (funds while recipient is a student). submitted online to TX Higher Coordinating Board submitted to TX Higher Coordinating Board between April 1 and June 15 for teaching service during the academic year being completed. Cost of Attendance less other financial aid received. Some institutions also apply a cap to the amount. $5, annual limit with an aggregate maximum of $20, *Be a Texas resident *Be enrolled at least half-time in a course of study leading to an associate, bachelor, graduate or higher degree or be enrolled in an approved Alternative Educator Certification *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 *Must have an outstanding balance on an eligible student loan that is not in default and is not currently being repaid through another loan repayment program, and; *Be currently teaching full-time at the preschool, primary or secondary level in a Texas Public school, and; *Be certified in and teach full-time in a field identified by the Texas Agency (TEA) as experiencing a shortage of teachers during the academic year for which the application is submitted, OR *Be certified and teach full-time at a campus identified by TEA as having a shortage of teachers during the academic year for which the application is submitted Required Yes 1

2 B-On-Time Student Forgiveness (funds while recipient is a student). submitted online to TX Higher Annual Limits 4-yr University $6,080 2-yr College $1,780 Public Tech. $2,680 aggregate limits *Have completed a FAFSA and be eligible to receive federal financial aid *Be enrolled full time in an undergraduate degree or certificate program at an eligible institution and *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 and *Have graduated in the academic year or later from a high school operated by the U.S. Department of Defense or under the recommended high school program from a public or accredited private high school in Texas or *Have earned an associate s degree from an eligible institution no earlier than May 1, 2005 *Persons who have earned a bachelor s degree are not eligible for B-On-Time loans. Required Is a zero-interest loan forgiveness requirements are not met. FORGIVENESS REQUIREMENTS The student must graduate 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 a public or independent university; 5 calendar years after the date the student initially enrolled in a public or independent university, if the degree is in architecture, engineering, or any other program determined by the board to require more than 4 years to complete; or 2 calendar years after the date the student initially enrolled in a public or private 2-year institution; or graduated with a cumulative GPA of at least 3.0 on a 4.0 scale, with a total number of credit hours (including transfer hours and hours earned exclusively by examination) that is no more than 6 hours beyond what is required to complete the degree or certificate. 2

3 Dental submitted to TX Higher The maximum annual loan repayment for an eligible dentist providing full-time service is $10,000. There is no limit to the number of years a dentist may participate in the program, until all loans are paid-in-full. s are contingent upon availability of funds. Dentist must: Have a current license with no disciplinary action from the Texas State Board of Dental Examiners; Practice general or pediatric dentistry; Work at an approved practice site; Accept Medicaid assignments as full payment for services, and not deny services based on a patient s ability to pay; APPROVED PRACTICE SITES Federally designated Dental Care Health Professional Shortage Areas (DHPSA) in Texas; and Federally funded Community Health Centers SERVICE PERIOD The dentist must provide eligible services for at least 12 consecutive months at an approved practice site. Priority is given to prior recipients. Required 3

4 Border County Doctoral Faculty submitted to the Texas Higher during the annual application period March 15 - May 15 for service during the current academic year. The maximum annual loan repayment award is $5,000. The maximum number of years a person may receive loan repayment is 10 years. Must have received a doctoral degree on or after September 1, 1994, from a Texas public or independent institution of higher education or from an out-ofstate institution that is accredited by a recognized accrediting agency. Must be employed full-time as a doctoral faculty member with instructional duties at an eligible institution of higher education located in a Texas county that borders Mexico; Must work full-time as doctoral faculty with instructional duties in the approved institution for one full academic year; and Must ensure that a completed application is received by THECB by the application deadline. Required LOANS ELIGIBLE FOR REPAYMENT Obtained to meet costs for undergraduate or graduate education at a Texas public or independent institution of higher education or at an out-of-state institution that is accredited by a recognized accrediting agency; t in default at the time the application is received. 4

5 for Attorneys Employed by the Office of the Attorney General s submitted to the Office of the Attorney General The annual award amount shall be determined by the Commissioner, with input from the Review Committee, but shall not exceed $6,000. To be eligible for loan repayment assistance, an applicant must: be licensed by the State Bar of Texas at the time application is made; submit a completed application to the Office of the Attorney General on or before the annual deadline of December 1 of each year; have been employed full-time for at least one year by the Office of the Attorney General; be in good standing with the State Bar of Texas and the Office of the Attorney General; and have not received more than two previous awards of annual repayment assistance under this. An eligible education loan is one that: (1) was obtained through a lender for purposes of attending an eligible school of law or for undergraduate education at an institution of higher education, or was obtained though a lender for purposes of consolidating education loans, (2) does not entail a service obligation and is not being repaid through another loan repayment program, (3) is not an education loan made to oneself from one's own insurance policy or pension plan or from the insurance policy or pension plan of a relative, (4) is not in default at the time of application, and (5) is evidenced by a promissory note or other writing signed by the participant which explicitly requires the loan proceeds to be used to pay for costs incurred for attendance at a public or private institution of higher education. Required 5

6 Medicaid Children s submitted to Texas Department of State Health Services Texas Primary Care Office $20, $40,000 the 1st year $15, $30,000 the 2 nd year $20, $40,000 the 3 rd year $15, $30,000 the 4 th year - depending on Medicaid visit targets met for children. hpr/cmlrp.shtm To be eligible for student loan repayment through the Medicaid Children's, the applicant must: Have a license from the appropriate licensing board before applying. Subspecialists must have board certification or be eligible to sit for the applicable subspecialty board. Have a Medicaid number before applying. Have eligible outstanding student loans. This program does not reimburse for payments already made. Provide services for four continuous years and meet a specified target number of Medicaid visits to children under the age of 21 for each 12- month service period. To be eligible for repayment, a loan must: Have been made for the provider's undergraduate, graduate or medical education at an accredited institution in the United States. (te: s made during residency are ineligible.) t be from relatives or the provider's own insurance or pension plan. t have an existing service obligation or be subject to another student loan repayment or forgiveness program. t be consolidated with noneducational loans or loans held by a person other than the provider, such as a spouse or other family member. t be in default. Required 6

7 Health (funds while recipient is a student). submitted online to TX Higher Up to $12,500 per academic year or a lifetime total of $50,000 for students in pharmacy, public health, nursing, and allied health Up to $20,000 per academic year or a lifetime total of $80,000 for students in medicine, dentistry, osteopathy, podiatry, or veterinary medicine A 3% origination fee will be deducted from the proceeds of each loan if both the borrower and cosigner has good credit standing A 5% origination fee will be deducted from the proceeds of each loan if either the borrower or cosigner has good credit standing (but not both). Must be a permanent U.S. resident Must be eligible to pay resident tuition at a Texas public or independent institution of higher education Must be enrolled at least half-time in a course of study leading to a: doctor of medicine, osteopathy, dentistry, podiatry, or veterinary medicine degree; bachelor's or master of science degree in pharmacy; graduate degree in public health; or an associate's, bachelor's, or graduate degree in nursing or allied health Must meet the satisfactory academic progress requirements set by the institution Must have good credit standing or provide a cosigner who has good credit standing and meets other criteria Required Yes 7

8 Physician s are currently submitted to TX Higher. Beginning December 2009, applications will be accepted by Texas Department of State Health Services Texas Primary Care Office. (te: New program rules to be proposed at the October, 2009 meeting of the Board). repayment amounts for current program participants for FY2010 have not been finalized. The annual amounts for new participants are as follows: $25,000 for 1 st year; $34,000 for 2 nd year; $45,000 for 3 rd year; $55,000 for 4 th year; Maximum aggregate $160,000. Physicians must: Have a current unrestricted license with no disciplinary action from the Texas Medical Board; Practice an approved specialty; Work at an approved practice site; Have earned board certification within the last six years in one of the approved specialties, or (except for general practitioners) have satisfactorily completed an approved postgraduate program; Accept Medicaid assignment as full payment for services, and not deny services based on a patient's ability to pay; t have received start-up assistance under Chapter 46, of the Health and Safety Code Required 8

9 Doctoral Incentive submitted to the Texas Higher The maximum annual repayment amount is $20,000.00, with a $100, maximum aggregate. Participation in the program is limited to 5 years. Must submit a completed application to the Board by the priority October 1 deadline; Must have received a doctoral degree from a college or university that is accredited by a recognized accrediting agency; Must have graduated from a Texas high school that at the time of graduation was a) one from which only 50 percent or less of the graduating class enrolled in an institution of higher education following graduation; or b) a low-income school, as defined; Or At the time of graduation from high school, resided in an area of Texas where the high school closest to his or her residence was a) one from which only 50 percent or less of the graduating class enrolled in an institution of higher education following graduation; or b) a low-income school, as defined; Must have qualified for need-based financial assistance while enrolled in a graduate-level degree program; Must not have been employed fulltime as a faculty member or administrator with supervisory duties in an eligible institution for more than 12 months; Must have a full-time job offer as a faculty member or an administrator with supervisory duties from, or be negotiating a contract with, an eligible institution; Must be a Texas resident. Required 9