College Access Loan (Texas Residents)
The College Access Loan is available from the state of Texas for certain students who are Texas residents. You must have submitted a FAFSA or TASFA.
Eligibility: The student will be the borrower, and traditional undergraduate student will require a credit-worthy cosigner to qualify. Spouses are not eligible to cosign on this loan.
Students or cosigners must:
- have an Experian Vantage score of 650 or higher;
- Not have public records such as tax liens or bankruptcy proceedings;
- Have a minimum of 5 credit trade lines; excluding student loans or authorized user accounts;
- Not have defaulted on any federal or private education loans.
Loan Terms: Effective 05/01/2019, the CAL has a fixed interest rate of 5.20%. Repayment begins 6 months after the date you (the student) are no longer enrolled at least half-time (or after you graduate). No origination fee will be assessed for all approved borrowers; an Experian VantageScore of 650 required for approval. Balances under $30,000 have a ten-year repayment period; balances of $30,000 or more are paid over twenty years. Postponements of loan repayment and income-sensitive or graduated repayment schedules are available.
For information regarding using these funds for summer school, please see summer financial aid.
Important: If you will be applying for a CAL loan for summer as well as a CAL for fall/spring, you must wait for a minimum of 2 weeks between these applications. (See the summer financial aid page for more details regarding summer financing.)
Processing time on state loan programs is approximately 3-4 weeks.