Education Loans |
Federal
Loans
If you're a U.S. citizen or permanent resident, you'll likely be
eligible for federal student loans. To determine your eligibility for federal
student loans you must complete a Free
Application for Federal Student Aid (FAFSA). The FAFSA is
available January 1 of each year and has a priority application
date of March 15. It is recommended that you have your FAFSA completed at least by June 1. Students who
are eligible to complete the FAFSA are US Citizens, Permanent Residents and
other eligible non-citizens. Please watch this two minute video for help with
the financial aid application process.
Once
your FAFSA has been successfully processed, you will be offered the Federal
Direct Unsubsidized Loan as well as the Graduate PLUS Loan.
Graduate students may borrow a maximum of $20,500 in Federal Direct
Unsubsidized loans per year. Upon credit check approval, you may be eligible to
borrow the federal Graduate PLUS Loan to cover the remaining costs within your
cost of attendance/budget (minus other loans and financial aid).
Private Education Loans
An alternative loan is also available to choose instead of
Graduate PLUS. The amount for the alternative loan is the cost of education
minus financial aid awards. The federal government does not regulate
alternative loans. As a result, the terms of the loan will vary from lender to
lender. When you choose a lender, you will fill out a loan
application/promissory note directly with the lender you select and, once
approved, you will submit the completed Alternative
Loan Lender Form to the Financial
Aid Team.
If you
choose to pursue a private loan, we recommend applying no sooner than a few
months before you start the program. Most private loans are credit-based and
the approval decision may expire. Check with your lender about the length of
time your application will remain valid before you apply.
Loans for International Students
For an
international student, there may be more loan options (and better loan terms)
if you have a U.S. citizen or permanent resident co-signer. We are not able to
recommend any lenders specifically but we work with all banks and lending
institutions. We currently do not have a lender that will offer a loan program
to an international Education
Loans. Student that cannot obtain a U.S. citizen co-signer or have three
years U.S. credit history in his/her own name. We, as the University of Texas
at Austin, cannot be your co-signer.
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