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College Access Loan Program (CAL) - F.A.Q.
Frequently Asked Questions:
Question 1: Who can apply? Answer: Students who are eligible to pay resident tuition, are enrolled at least halftime at a participating Texas public or private non-profit college or university and are meeting satisfactory academic progress requirements as set by their institution and can provide a cosigner.
Question 2: I'm an older student; do I still have to get a cosigner? Answer: Yes, although many of our CAL borrowers are older students, current rules and policies for the CAL loan require all borrowers to obtain a cosigner for their loans
Question 3: Do I have to complete a FAFSA before I apply for a CAL? Answer: Although the CAL is not need-based, most schools require you to complete the FAFSA (Free Application for Federal Student Aid) form to determine your eligibility for federal aid. You can obtain this form through your institution’s student financial aid office or by visiting the Department of Education’s web sit at www.fafsa.ed.gov.
Question 4: How do I apply for the loan? Answer: You may obtain an application from the student financial aid office at your college or university, or you may from the Texas Higher Education Coordinating Board. Request an application.
Question 5: Can I fax in my application and/or promissory Note? Answer: No, faxes or copies are not acceptable. We must have the original signed loan application and promissory note.
Question 6: If I transfer to a different school, can I transfer my current loan to my new school? Answer: No. CAL loans cannot be transferred from one to school another. You must reapply for a new loan at the new school.
Question 7: What is the interest rate? Answer: Students may choose either a fixed interest rate or a variable interest rate. The fixed interest rate is a simple rate, calculated on the principal amount borrowed. The variable interest rate is re-set annually on July 1st and will never be higher than 4 points above the rate at which the loan is made. THECB does not capitalize the interest at any time during the life of the loan.
Question 8: Is there a fee? Answer: A 3 percent origination fee is charged for each loan.
Question 9: Can I make interest payments while in school? Answer: Yes, although interest is deferred while borrowers are in school, many choose to make regular interest payments on their loans during the in-school period.
Question 10: When does repayment begin? Answer: Repayment begins six months after the student graduates or ceases to be enrolled at least halftime.
Question 11: Will my loan be transferred or sold to another lender? Answer: No. We do not sell or transfer any of our student loans. Your CAL loan will remain with us for the life of the loan.
Question 12: Can I consolidate my CAL loans with my other student loans? Answer: The CAL loans are not eligible for consolidation with other federal student loans you may have received.
Question 13: How can I check the status of my loan? Answer: You can check the status of your loan online at Lightning Fast, or by calling our toll-free number (800) 242-3062, if in the local Austin area call (512) 427-6340, to access automated account information or to speak to a loan representative. Representatives are available to assist you M-F 8:00–5:00 CST.
A person submitting misleading or fraudulent information to the Texas Higher Education Coordinating Board in an attempt to obtain financial aid is subject to criminal prosecution. Please contact the Fraud Hotline to report suspected fraud. |
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