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College of Optometry

Loans

| Federal Student Loan Programs |
| Federal Stafford Loan Programs |
| Other loan programs |

Bealmear Emergency Loan Fund; these emergency loan funds are available only to fourth-year students; repayment to be made no later than four years after graduation.

Dr. and Mrs. Harry Otwell Optometry Loan; this emergency short-term loan is available to any year student; repayment must be made within six months after loan is disbursed.

Dr. Nelson J. Reber "Eye-Open"; - FERV Loan; long-term loans of up to $1,000 per year if financial need is demonstrated; applicants must be in good academic standing. Specific repayment terms are determined on an individual basis.

Federal Student Loan Programs

Health Professional Student Loan (HPSL); full-time optometry students with demonstrated need will be eligible for up to $3,000 per academic year with an interest rate of five per cent. Students must maintain satisfactory academic progress and show continued financial need. Repayment begins 12 months after the last date of full-time enrollment (12 hours) with a 10 year repayment period. Students must provide parental information on the Free Application for Federal Student Aid (FAFSA) to be considered for this loan.

Loan for Disadvantaged Student (LDS); awarded to the most needy on a first-come basis. Maximum award per year is $3,000 and the interest rate is five percent. Repayment and interest begin 12 months after last day of full-time enrollment. Students must provide parental information on the Free Application for Federal Student Aid (FAFSA) to be considered for this loan.

Perkins Loan Program; this is a Federal Loan Program. Maximum is $3,000 per academic year and the current interest rate is five percent. Repayment and interest begin 9 months after last date of full-time enrollment. Funds are very limited - early applications are encouraged.

There are no loan applications for the above listed Federal loan programs. Applicants who complete the Free Application for Federal Student Aid are eligible for these loan programs. Early applicants are given first consideration for these loans. The early financial aid deadline is April 1st.

Federal Stafford Loan Programs

Federal Subsidized Stafford Loan; the borrowing limit for any given year is based on the student's estimated cost of attendance less expected family contribution. Information of this nature is available in the Student Aid Report received after completing the Free Application for Federal Student Aid. Current annual loan limit is $8,500 for graduate students for a maximum of $65,500, including undergraduate borrowed amounts. The interest rate is currently 8.25 percent and is adjusted annually on July 1st. The Federal government pays the interest while the student is enrolled in school.

Students may borrow through any participating bank or credit union. Loan applicants must select his/her lender. The following is a sample list of Stafford Loan lenders:

• EducAid
• Chase Texas
• First Interstate
• BankOne
• Hinson-Hazelwood (State of Texas)

Federal Unsubsidized Stafford Loan; these loans are for students who (1) if eligible, require additional funds or (2) show no financial need based on information provided on the Free Application for Federal Student Aid (FAFSA) needs analysis form i.e. their Expected Family Contribution (EFC) is higher than their financial aid budget. Current eligibility for this loan is $10,000 per academic year. Interest rate and repayment terms are the same as for the Subsidized Stafford loan. The total amount of Unsubsidized Stafford loans a student may borrow is $73,000 including undergraduate borrowed amounts. Students are cautioned to use this loan program only when needed as the Federal government does not pay the interest while the student is in school. The student must elect either to: (1) have the interest added (capitalized) to the amount borrowed or (2) make quarterly interest payments while enrolled.

Loan Fees:

Loan fees for the Stafford loans are deducted prior to disbursement to the student. Presently, a three percent origination and a one percent guarantee fee is deducted and paid to the Federal government and guarantee agency, respectively. Total Stafford Loan debt allowed for graduate or professional students is $138,500, i.e., $65,500 in Subsidized and $73,000 in Unsubsidized Stafford Loans. The graduate debt limit includes loans received for undergraduate study.

Students should keep in mind that the annual maximum loan eligibility for each grade level is $18,500 ($8,500 Subsidized and $10,000 Unsubsidized). Students should borrow only what they need. The only financial assistance available in the summer is Stafford loans.

Stafford loan applications are available from the College of Optometry Financial Aid Office. Students may request loan applications be mailed to them by calling the College of Optometry Financial Aid Office at (713) 743-2048.

Other loan programs:

State Optometric Association Awards; many state Optometric associations and auxiliaries have loan or grant programs for resident students. To apply, contact you state optometric association.