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Doctoral Incentive Loan Repayment Program Fact Sheet

 

The purpose of the Doctoral Incentive Loan Repayment Program is to provide student loan repayment assistance as an incentive to attract members of underrepresented groups to full-time service as faculty members or administrators at public or private institutions of higher education in Texas.

ELIGIBILITY REQUIREMENTS

Submit a completed application to the Board by the priority October 1 deadline;
Received a doctoral degree from a college or university that is accredited by a recognized accrediting agency;

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;

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;
Qualified for need-based financial assistance while enrolled in a graduate-level degree program;
Must not have been employed full-time as a faculty member or administrator with supervisory duties in an eligible institution for more than 12 months;
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.

ANNUAL LOAN AMOUNTS

The maximum annual repayment amount is $20,000.00, with a $100,000.00 maximum aggregate. Participation in the program is limited to 5 years. Annual loan repayments are disbursed after verification of eligible service for a complete academic year, and are made co-payable to the participant and the holder of the loan. Repayments under this program are considered taxable income by the Internal Revenue Service, and will be reported as such by the Texas Higher Education Coordinating Board. Approval of applications will depend upon the availability of funds.

LOANS ELIGIBLE FOR REPAYMENT

Must be evidenced by a promissory note which explicitly required the loan proceeds to be used to pay the costs incurred for attending a public or private institution of higher education, and;
Are not being repaid through the Border County Doctoral Faculty Education Loan Repayment Program administered by the Texas Higher Education Coordinating Board, and;
Must not be in default.

The 2007-2008 application is now available.

For more information, please visit our websites www.hhloans.com and www.collegefortexans.com or call the THECB Loan Services at 1-800-242-3062 (outside Austin), or at 512-427-6340 (Austin area).