Financial
Aid
There are several federal loans and grants
available to graduate and professional students. Students must
complete the Free Application for Federal Student Assistance (FAFSA)
if they wish to receive any federal loan and grant monies. Students
may apply for financial aid at any time while enrolled in college;
however, the priority deadline is April 1st
of each year for the following fall/spring semesters. Students
must complete a separate loan application for the summer.
Loan Programs
Stafford Loans
A Stafford Loan is a type of federal loan that has a
variable interest rate not to exceed 8.25 percent. Full time Pharm.D.
students may receive up to their cost of education or $31,000
in Stafford Loans per year (including summers). Of the lesser—no
more than $8,500 may be subsidized (the government pays the interest
while the student is in school and through the six-month grace
period of repayment). Students taking less than 12 hours will
be able to receive a total of $31,000 in Stafford Loans. The remainder
of funds must come from unsubsidized loan monies (the student
must pay the interest for the duration of the loan). Students
must begin repaying both subsidized and unsubsidized Stafford
loans no later than six months after the student is no
longer in school at least half time (six credit hours). Most lenders
charge a 3 percent origination fee at the time of borrowing.
All first time borrowers must complete entrance
loan counseling before they may receive the proceeds of their
loan. This may be done in person at the Office of Scholarships
and Financial Aid in the E. Cullen building or via the web at
under the heading of “Complete
Stafford Loan Entrance Interview.”
The cumulative graduate-professional student
maximum for Stafford loan monies is $65,500 subsidized and $189,125
for subsidized + unsubsidized.
Students must choose a lender when they borrow
a Stafford loan. There are factors that can very among lenders,
such as: service, processing time, repayment incentives, interest
capitalization, etc. UH provides a list of recommended
lenders. You may choose your lender, however, we recommend
you contact the lender for additional information on Stafford
student loans.
Perkins Loans
A Perkins Loan is another type of subsidized federal
loan that has a fixed interest rate of 5 percent. This is a loan
based on exceptional need as defined per institution. Maximum
loan amount is $3,000 per year for graduate-professional students.
Students must begin repaying Perkins loans nine months
after the student is no longer in school at least half time (six
credit hours). Perkins loans are given out on a first-come, first-serve
basis.
Texas Public Education Grant (TPEG)
TPEG is a need-based state grant that is available for
students attending public institutions. It is available to both
undergraduate and graduate students, and the maximum award can
be for no more than tuition and fees for the academic year. At
UH, TPEG is allotted on a first-come, first-serve basis; therefore,
it is recommended that your FAFSA be turned in before the
April 1st deadline to increase your chances
of getting a TPEG. The state only gives each institution a limited
amount of TPEG funds per year, and once the grant monies have
been disbursed, we are unable to give out any more TPEG grants
for the year.
Alternative Loans
Alternative loans are credit worthy loans and have a
higher interest rate than federal loans. This type of loan should
only be used in cases of emergency when all other sources of money
have been exhausted. To be eligible for many alternative loans,
students must either make in excess of $15,000 per year or have
a cosigner sign the loan with them.
Other Loan Programs
- Emergency tuition loans
are used exclusively for payment of current tuition and fees
and are for students living off campus. Students may apply for
this program by calling 713-743-8484 and follow the prompts.
The amount of the loan will cover the cost of tuition and fee
charges, and the duration of the loan will be for 90 days or
until the last class day of the semester (whichever comes first).
The interest rate is 5 percent per annum.
- Short-Term loans provide
temporary assistance to students for current tuition and fees
and are payable in full within 45 days from the origination
date or by the last day of the semester (whichever comes first).
The interest rate is 12 percent per annum or 1 percent every
30-day period. A $5 origination fee for this loan is charged
to students at the time the loan is initiated.
- Book loans are available
through the VIP telephone system (713-743-8484). When a book
loan is taken out, a credit is issued to the student's Cougar
1 Card. The student may use the Cougar 1 Card to
make purchases only at the University Bookstore up until the
12th class day. No cash refunds for the difference between the
total purchases and the amount authorized will be issued to
students.
- Loans for other emergency expenses
are available to students only through the University's Dean
of Students Office.
