The College Access Loan (CAL) Program provides an alternative type of educational loans to Texas students. Students do not have to demonstrate financial need to receive these loans, which may be used to cover all or part of a student's Expected Family Contribution (EFC).
Deduct your federal aid from the cost of attending your school to determine the amount of the CAL loan you could receive.
Who can apply?
Students must:
- Be a Texas resident;
- Be enrolled in:
- a course of study leading to an associate's or higher degree at least half-time or
- an approved Alternative Educator Certification Program; and
- Meet the satisfactory academic progress requirements set by the institution; and
- Receive a favorable credit evaluation or provide a cosigner who has good credit standing and meets other requirements.
How much can be awarded?
Students may borrow up to the cost of attendance minus any other financial aid.
The following fee will be deducted from each College Access Loan:
- A 3% origination fee if both the borrower and cosigner have a good credit standing, or
- A 5% origination fee if either the borrower or cosigner, but not both has a good credit standing.
What requirements are there for cosigners?
Cosigners must:
- Be at least 21 years of age,
- Have a regular source of income,
- Not be the borrower or the spouse of the borrower,
- Receive a favorable credit evaluation, and
- Be a permanent U.S. resident or a U.S. citizen and reside in the U.S. or in a U.S. territory.
2010-2011 INTEREST RATE
A fixed annual rate of 6.00%
Financial Details
No guarantee fees or insurance premiums will be associated with the loan. Its interest is never capitalized. The loan will not be sold to another lender; The Coordinating Board will service the loan until it is paid in full.
Repayment
College Access Loans have a six-month grace period before repayment begins. Loan balances under $30,000 have a ten-year repayment period with minimum monthly payments of $50. Balances of $30,000 or more are paid over 20 years. Postponements of loan repayment and income-sensitive or graduated repayment schedules are available.
How can I apply?
You can apply on-line now!
Where can I get more information?
For more information, see the Coordinating Board Rules, Chapter 21, Subchapter C, the Coordinating Board Rules, Chapter 21, Subchapter X, and the Texas Education Code, Chapter 52.
You may also call our Loan Services department: In Austin, dial 512-427-6340. If you're outside of Austin, you can call us toll-free at 800-242-3062. Or e-mail Loan Services.
