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Loan Assistance

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Loans are an option to help cover your education costs. There are several different types of loans available.

Please research your options before making a choice of a loan program to pursue. It is important that you exhaust all other options for aid before pursuing loans, especially from private lenders. If you want to be sure you understand any loan agreement you are signing, please contact us or stop by our office for assistance.

 

Interested in Accepting your Federal Loans?

Complete the following requirements online at https://studentloans.gov/  to accept the Federal Direct Loans (Subsidized, Unsubsidized or PLUS):

Need to Make Changes to Your Loans?

Want to Learn More?

The links below will help you research all loan programs that are available through our office. 

 

Federal Loan and General Loan Information

  • Student Loan Borrower Assistance Project
     

    Do you already have college loans and want more information on how to manage them effectively? The National Consumer Law Center’s Student Loan Borrower Assistance Project is a free resource for borrowers, their families, and advocates representing student loan borrowers.

    If you already have student loans and want to know more about your options and rights, visit the Student Loan Borrower Assistance Site.

  • Borrowing Responsibly

    Borrowing Responsibly

    • Educational loans exist to help you pay for your cost of attendance at UIW.
    • Think carefully about the amount you really need to borrow before you decide how much to take out on a loan.
    • Student loans are borrowed money that must be repaid, with interest, just like car loans and mortgages.
    • Read the fine print on your application and promissory note carefully. You need to know:
      • the full amount of the loan you are taking out
      • the current interest rate on the loan, how the interest rate is calculated, and how often it will change
      • the date you must start repayment
      • whether there are any charges you must pay (loan origination fees/guarantee fees) and how those fees will be collected
      • the maximum amount you can borrow each year
      • the maximum time for repayment and the estimated repayment amounts
      • the circumstances that will result in default and the consequences should you default, and
      • your available options for deferment, forbearance and loan consolidation.
    • Keep track of your lenders. It is your responsibility as the borrower to stay in touch and notify your lender if you graduate, withdraw from school, drop below half-time enrollment, change your name, or transfer to another school.
  • Recommended Order of Loan Options

    The UIW Office of Financial Assistance recommends that you utilize loan options in the following order, depending upon eligibility for the loan and funding availability:

    1. Federal Direct Subsidized Stafford Loans
    2. Federal Direct Unsubsidized Stafford Loans
    3. Low Interest/Zero Interest Loans (from private foundations/trusts)
    4. Federal Direct Parent PLUS or Direct Graduate PLUS Loans or
    5. State Alternative Loan (College Access Loan)/Alternative Loans
  • Federal Direct Subsidized Loan

    Federal Direct Subsidized Stafford Loans are made available to students through the Department of Education.

    - Fixed interest rate of 4.45% for loans disbursed on or after July 1, 2017.*

    - Only available to undergraduate students (effective July 7, 2012)(1)

    - U.S. Federal Government subsidizes this loan (pays the interest on the loan) while you are in school, and during any eligible deferment period, and reinsures the loan.

    - You must apply annually (complete a FAFSA and a UIW Student Information Form) and demonstrate financial need.

    - UIW determines whether you are eligible and originates the loan application.

    - You complete Entrance Counseling electronically (online at https://studentloans.gov).

    - You sign the promissory note for the loan (also called Master Promissory Note or MPN) online at https://studentloans.gov.

    - The loan has a 1.066% origination fee, which is taken from the loan at the time of disbursement.

    - Available to Undergraduate Main Campus, ADCaP and UIW Online students enrolled at least half-time (half-time is defined as 6 hours Undergraduate).

    - Repayment of principal and interest begins 6 months after you graduate or you are no longer enrolled at least half-time.

    - You have up to 10 years to repay this loan.

    - This loan may be consolidated with other Federal education loans.

    Students taking out Federal Direct Stafford loans for the first time with UIW will need to complete the Federal Direct Loan Entrance Counseling requirements; and will need to complete a Federal Direct Loan Master Promissory Note.  Graduating students will need to complete the Federal Direct Loan Exit Counseling requirements. New graduates should also review the various Loan Repayment Programs that are available to assist in paying off student loans. 

    *Rates will continue to change yearly for new loans made on or after July 1 of each year based on Federal legislation.

    (1) The Budget Control Act of 2011 eliminates the eligibility for Subsidized Direct Loans for Graduate/Professional Students (Public Law 112-25).

  • Federal Direct Unsubsidized Loan

    Federal Direct Unsubsidized Stafford Loans are made available to students through the Department of Education.

    - Fixed interest rate of 4.45% for undergraduate level students and 6.0% for graduate level students for loans disbursed on or after July 1, 2017.*

    - The loan continues to gather interest while you are in school as well as during deferment periods.

    - You must apply annually (complete a FAFSA and a UIW Student Information Form) and you do not have to demonstrate financial need.

    - UIW determines whether you are eligible and originates the loan application.

    - You complete Entrance Counseling electronically (online at https://studentloans.gov).

    - You sign the promissory note for the loan (also called Master Promissory Note or MPN) online at https://studentloans.gov

    - The loan has a 1.066% origination fee, which is taken from the loan at the time of disbursement.

    - Available to Undergraduate, Graduate, ADCaP and UIW Online students enrolled at least half-time (half-time is defined as 6 hours Undergraduate; 3 or more hours Graduate).

    - Repayment of principal and interest begins 6 months after you graduate or you are no longer enrolled at least half-time.

    - You have up to 10 years to repay this loan.

    - This loan may be consolidated with other Federal education loans.

    Students taking out Federal Direct Stafford loans for the first time with UIW will need to complete the Federal Direct Loan Entrance Counseling requirements; and will need to complete a Federal Direct Loan Master Promissory Note.  Graduating students will need to complete the Federal Direct Loan Exit Counseling requirements. New graduates should also review the various Loan Repayment Programs that are available to assist in paying off student loans.

    *Rates will continue to change yearly for new loans made on or after July 1 of each year based on Federal legislation.

  • Federal Direct Subsidized and Unsubsidized Loan Limits  
    Annual Borrower Limits
    Borrower's Grade Level Dependent Students * Subsidized + Unsubsidized Independent Students ** Subsidized + Unsubsidized
    Freshman (0-29 credits) $5,500 (not to exceed $3,500 from Subsidized funds) $9,500 (not to exceed $3,500 from Subsidized funds)
    Sophomore (30-59 credits) $6,500 (not to exceed $4,500 from Subsidized funds) $10,500 (not to exceed $4,500 from Subsidized funds)
    Junior and Senior (60+) $7,500 (not to exceed $5,500 from Subsidized funds) $12,500 (not to exceed $5,500 from Subsidized funds)
    Graduate Students (Master's and Ph.D. programs) n/a $20,500 (unsubsidized only)
    Professional Students in the School of Optometry n/a $40,500 (unsubsidized only)
    Professional Students in the School of Pharmacy n/a

    $33,000 (unsubsidized only)

     

    *For dependent students whose parents cannot borrow under the Federal Direct PLUS Program, the amount a student can borrow under the unsubsidized program is the same as for an independent student.

    **Independent students who are not eligible for a full subsidized federal Stafford loan may borrow their remaining subsidized eligibility under the unsubsidized program.

    The maximum outstanding total Stafford loan debt (Subsidized + Unsubsidized) allowed is:

    • $31,000 for a dependent undergraduate student
    • $57,500 for an independent undergraduate student
    • $138,500 for a graduate students (including loans taken for undergraduate study) and
    • $224,000 for professional students in the School of Pharmacy or School of Optometry (including loans taken for undergraduate study).
  • Federal Loan Deferment

 

Other Loan Options

  • Federal Direct Parent Loan for Undergraduate Students (PLUS)
    • Fixed interest rate of 7.0% for loans disbursed on or after July 1, 2017*.
    • Offered directly through the Department of Education.
    • Student does not have to demonstrate financial need.  However, a valid FAFSA is now required before a Parent PLUS loan can be processed.  Parent must submit a Parent PLUS Loan Request to begin the eligibility determination process.
    • Parent must not have an adverse credit history (or have an endorser who does not have an adverse credit history), but if the parent is denied due to adverse credit, the student may borrow Unsubsidized Stafford loans up to the Independent student academic year limits.
    • The annual loan limit is the total Cost of Attendance minus other aid.
    • The loan has a 4.264% origination fee, which is taken from the loan at the time of disbursement.
    • No aggregate limit
    • Repayment begins 60 days from the date of the final disbursement; however, parents may choose to defer principal payments while the student is enrolled at least half-time. A deferment or a forbearance will increase the total amount of interest paid over the life of the loan.
    • Interest begins to accrue at the day of the first disbursement.
    • Once the credit review is passed, UIW determines how much you are eligible to borrow and originates the loan application.
    • You sign the promissory note for the loan (also called Master Promissory Note or MPN) online at https://studentloans.gov using your FSA ID.
    • If you do not remember your FSA ID or need to apply for one, please go to http://www.fsaid.ed.gov.
    • Available to Dependent Undergraduate students enrolled at least half-time (half-time is defined as 6 hours Undergraduate).
    • You have up to 10 years to repay this loan.

    *Rates will continue to change yearly for new loans made on or after July 1 of each year based on Federal legislation.

    How do you apply? Parents can apply for a Direct Parent PLUS loan by completing the Direct Parent PLUS Loan Request.The parent borrower must consent to a credit check (which will be conducted by the Department of Education) as part of the application process. The student does not have to demonstrate financial need.  However, a valid FAFSA is now required before a Parent PLUS loan can be processed.

  • Federal Graduate PLUS Loan
    • Fixed interest rate of 7.0% for loans disbursed on or after July 1, 2017.*
    • Offered directly through the Department of Education.
    • Student does not have to demonstrate financial need.
    • Student must be admitted into the Graduate program at UIW.
    • Student borrower must not have an adverse credit history (or have an endorser who does not have an adverse credit history).
    • The annual loan limit is the total Cost of Attendance minus other aid.
    • The loan has a 4.264% origination fee, which is taken from the loan at the time of disbursement.
    • No aggregate limit
    • Repayment begins at the time of the final disbursement, although you may apply for an in-school deferment if you are enrolled at least half-time.
    • Please note, the loan continues to accrue interest during deferment or forbearances. A deferment or a forbearance will increase the total amount of interest paid over the life of the loan.
    • Interest begins to accrue at the day of the first disbursement.
    • Once the credit review is passed, UIW determines how much you are eligible to borrow and originates the loan application.
    • You sign the promissory note for the loan (also called Master Promissory Note or MPN) online at https://studentloans.gov using your FSA ID.
    • If you do not remember your FSA ID or need to apply for one, please go to http://www.fsaid.ed.gov.
    • Available to Graduate students enrolled at least half-time (half-time is defined as 3 hours Graduate, 3 hours PhD (must be admitted as a PhD student), or 1 hour PhD in Dissertation).
    • You have up to 10 years to repay this loan.

    *Rates will continue to change yearly for new loans made on or after July 1 of each year based on Federal legislation.

    How do you apply? Students apply online at https://studentloans.gov.  Student does not have to demonstrate financial need.  However, a valid FAFSA is required before a Graduate PLUS loan can be processed.

  • State of Texas Alternative Loan (College Access Loan)
    • Fixed interest rate of 6.6% or variable interest rate as determined by the Texas Higher Education Coordinating Board (the variable rate is set annually and will never be higher than 4 points above the rate at which the loan is made).
    • Students must be Texas residents, and must turn in a Texas Residency Questionnaire to establish state residency.
    • Students must be enrolled at least half-time in a course of study leading to an associate, bachelor or graduate degree or be enrolled in an approved Alternative Educator Certification Program.
    • Students must receive a favorable credit evaluation 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 Stafford loan eligibility and other financial aid, even if the student will not accept their Stafford loans.

    Students may apply online at http://www.hhloans.com.

  • Federal Nursing and Ralston Loans
     

    Students accepted into the UIW School of Nursing may apply for these need-based loans. Loan amounts will range from $2500-$4000. Funding is limited, and priority will be given to students who are enrolled full-time in the Nursing program.

    You may contact the OFA at finaid@uiwtx.edu or (210) 829-6008 to see if you are eligible.

    Federal Nursing and Ralston Loan Information:

    • Loan interest rate of 5%
    • You can borrow up to $4000 per year, depending on need
    • Funding is limited – priority will be given to full-time nursing students
    • Repayment begins 9 months after you graduate or are no longer enrolled half-time
    • You must complete a Promissory note - go to www.signmyloan.com
    • If you are graduating, you will need to complete the online Exit Counseling
    • Contact the Finance Loan Officer at the Business Office (210) 829-6084 or irmag@uiwtx.edu if you have any questions or experience any technical difficulties.
  • Alternative (Private) Loans

    UIW's Private Lender List

    If you need additional funds to meet your education costs, alternative loans may be an option for you.  Alternative loans are private loans made through private lending institutions (banks, credit unions or other, private educational lenders). These loans are not part of the federal government loan programs – they are credit-based and may require a cosigner. Alternative loans are generally more expensive than federal government guaranteed loans and should only be used when all other options have been exhausted.

    Research all possibilities for scholarships, grants, work-study, and federal loan programs before borrowing from an alternative loan program. If you determine you need an alternative loan, research lenders carefully before making a decision.  Interest rates will vary based upon lender and credit eligibility. Students who qualify without a cosigner may still want to add a cosigner to their loan in order to secure a lower interest rate and/or lower origination fees. School-certified alternative loans will usually have better interest and repayment terms than non-school-certified loans.

    Lender choice is up to you. Some lenders offer borrowing incentives, such as rebates on the principal loan balance or opportunities for interest rate reductions. Visit your lender's website for more information. Choose the loan that best suits your needs and remember to borrow only what you need.

    To view an online list of lenders UIW students have worked with in the past, check out the PRIVATE LOAN LENDER LIST (to view, check the box to indicate you've agreed to the terms of use, click ACCEPT, select TEXAS as your state, and choose UNIVERSITY OF THE INCARNATE WORD from the drop down menu).

    Lenders may ask for you to sign a form called a Private Education Loan Self-Certification Form. The information you need to complete the form can be found on your award letter, or in BannerWeb, under Financial Aid Status. They will be asking for your Cost of Attendance, the total amount of aid you have already been awarded, and the difference between the two numbers. Do not count aid that you are declining as part of the aid you are already receiving. If you need assistance with this form, please stop by or contact our office.

  • The Minnie Stevens Piper Foundation

    1250 N.E. Loop 410, Ste. 810, San Antonio, TX 78209-1539

    studentloan@mspf.org

    - 4% Annual Percentage Rate Loans

    - Not a credit-based loan

    - Must be a U.S. Citizen or Permanent Resident.

    - Must be a Texas resident.

    - Must demonstrate financial need as determined through Financial Aid application.

    - Must be a college Junior, Senior or graduate/professional student.

    - Must be enrolled full-time.

    - Maximum loan amount of $1,000 per semester for undergraduate students or $2,000 per semester for graduate/professional students.

    - Apply online HERE.

 

Loan Management

 

Low Interest/Zero Interest Loans through Private Foundations/Trusts 

  • The Nettie Mae Millhollon Educational Trust

    P.O. Box 643, Stanton TX 79782

    (432) 756-2261

    millhollon@millhollon.com

    - Maximum loan amount of $2,000 per semester (Fall and Spring), not to exceed the aggregate amount of $16,000 for the student's school career.

    - Loans may be made to any student, subject to the availability of funds, who meets the foundation's requirements.

    - Must be a legal Texas resident.

    - Must be under age twenty-five (25).

    - Must be attending a Texas college or university which has been accredited by the Commission of Colleges of the Southern Association of Colleges and Schools (SACS).

    - Must be able to come to Stanton, Texas for a personal interview with one of the Board of Trustees members at a time set by the Trustee.

    - Selected applicants will be chosen from those interviewed based primarily on financial need as determined by the Trustees.

    - All applications and attachments must be received in the Trust's office by the deadlines of July 1 for the Fall semester and January 2 for the Spring.

    - The note and application must be signed by the student applicant. The note must also be notarized guaranteeing repayment of all loans made to the student by the Trust.

    - All supporting data will become part of a permanent loan file and will not be returned to the student.

    - Applications that are not accepted will be destroyed along with all attachments.

    - Students must renew loans each semester by contact the Trust for a new note and application.  No interview is required for renewal.

    - To renew a loan, the student must have completed at least 12 semester hours with at least a 2.5 GPA during the previous semester.

    - Information on applying is available online at http://www.millhollon.com/application.html

  • The Bill Raskob Foundation, Inc.

    P.O. Box 507, Crownsville, Maryland 21032-0507

    (410) 923-9123

    ed@billraskob.org

    - Interest-free loan, not credit-based

    - Undergraduate and graduate students may apply.

    - Applicants must be U.S. Citizens.

    - Students must have completed at least one year of student at an accredited institution.

    - Borrowing range of $1,000 - $3,000.

    - Repayment begins 6-12 months after graduation, depending in student's major.

    - Application period is January 1 - May 1 of each year.

    - Information is available online at http://www.billraskob.org.

  • The Evalee C. Schwarz Charitable Trust

    4265 San Felipe, Ste. 1100, Houston, TX 77027-2913

    (713) 960-6616

    pfs@privatefoundationservices.com

    - Interest-free loan, not credit-based.

    - Offered to students showing exceptional performance and significant financial need.

    - Undergraduate and graduate students may apply.

    - Applicants must be U.S. Citizens at the time of application.

    - Students must be enrolled in a school in the state in which the student resides.

    - Borrowers must have an Expected Family Contribution (EFC) of less than $5,293 based on FAFSA Student Aid Report.

    - Borrowing range based on need.

    - Repayment period set by lender.

    - Application period is January 1 - April 15 of each year.

    - Information is available online at http://www.evaleeschwarztrust.org.

  • The Abe and Annie Seibel Foundation

    c/o The Frost Bank - Trust Department, P.O. Box 8210, Galveston, TX 77553-8210

    (409) 770-5665

    - Interest-free, not a credit-based loan.

    - Must be a U.S. Citizen, Texas resident, and have graduated from a Texas high school.

    - Must enroll full-time at a Texas college/university accredited by the Southern Association of Colleges and Schools (SACS)* with the intention of completing requirements toward a first bachelor's degree.

    - College level applicants must maintain a 2.75 GPA overall.

    - Applicants with the above MINIMUM scores will be given consideration for approval; however, this is not to be defined as automatic approval.

    - High school seniors must submit a transcript reflecting SAT/ACT scores and rank in class.

    - Applications and transcripts will be presented to the directors in the order in which they are completed.

    - Funds are limited and it is advisable to submit requests as early as possible.

    - Students may contact the Foundation by telephone or mail after November 1 each year to be placed on the mailing list for the upcoming fall/spring long-term school year.

    - Application packets are accepted January 1 through February 28 of each year.

    - Entering freshmen must meet one of the following sets of scores to apply:

    Class Ranking Minimum SAT Minimum ACT
    Top 10% of Class any score any score
    Top 15% of Class 1500 22
    Second Quarter 1650 25
    Third & Fourth Quarter 1800

    27

  • PEO International

    Adrienne Russell, arussell@sunshinecottage.org

    www.peointernational.org

    - For women only and must be selected for this loan by the loan PEO contact, Adrienne Russell

    - 4% Annual Percentage Rate loans

    - Not a credit-based loan.

    - Must be a U.S. or Canadian Citizen or Permanent Resident.

    - Must demonstrate financial need as determined through Financial Aid application.

    - Must be enrolled at least half-time.

    - Maximum loan amount of $9,000.

    - Contact Adrienne Russell for more information.