State Loan Programs

College Access Loan

The college Access Loan Program provides alternative educational loans to Texas students who are unable to meet the cost of attendance. A student must be a Texas resident, be enrolled at least half-time in a course of study leading to an associate's, bachelor's, or graduate degree, meet satisfactory academic progress requirements, and have good credit standing or provide a cosigner who has good credit standing and meets other requirements. Students may borrow an amount up to the cost of attendance less other financial aid. A 0%, 3% or 5% origination fee will be deducted from the proceeds of each loan, depending on credit qualifications. Interest is a fixed annual rate of 4.5%. Apply at www.elmselect.com.

B-On Time Loan Program

The Texas B-On Time Loan program is a zero-interest loan that is forgiven if recipients graduate 'on time' with a 3.0 or higher GPA. The availability of BOT loans is dependent upon funding by the Texas Legislature. Eligibility requirements are as follows:

Texas resident

Graduated in the 2002-2003 academic year or later, under the recommended high school program from a public or accredited private high school in Texas or received an associate's degree from an eligible institution no earlier than May 1, 2005.

Has not earned a baccalaureate degree

Enrolled full time in an undergraduate degree program, and

Has completed a FAFSA and is eligible to receive federal financial aid.