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Types of Aid
Types of Aid
Financial aid is federal, state, institutional and private fund(s) used to assist eligible students in funding their education. Financial aid can be a combination of scholarships, grants, loans and work study. Scholarships and grants are considered “free money” and require no repayment. Loans and work study are considered self-help aid because they require additional commitment from students. Most loans require repayment when a student becomes enrolled less than half time or graduates. Work study includes part-time employment either on or off campus with an employer who participates in the program.
The Texas Public Education Grant (TPEG) is a program administered by the State of Texas to provide assistance to students with financial need, seeking a first bachelor's degree, graduate degree or professional degree. This is a grant, and it does not have to be repaid. This fund does not require a separate application. It is awarded through the standard process based on the FAFSA/TASFA applications received.
Eligibility
Award eligibility varies based on Enrollment Status. For details, please visit the Award Proration information page.
Helpful Links
College For All Texans
Free Application for Federal Student Aid (FAFSA)
The Unsubsidized Direct Loan is not awarded on the basis of need. You are responsible for any accruing interest during in-school and deferment periods. Interest accruing during those periods may be paid or capitalized as agreed by the borrower and lender.
Payment is automatically deferred until the borrower is no longer enrolled on at least half-time basis. At the time the borrower is no longer enrolled half-time, a six month grace period begins prior to entering repayment. Interest on Direct Unsubsidized Loans continues to accrue during the grace period.
Eligibility
- You must complete the Free Application for Student Financial Aid (FAFSA).
- You must be enrolled at least half-time at Texas A&M University.
- You must maintain Satisfactory Academic Progress.
- You may not exceed annual or lifetime aggregate loan limits. See Direct Loan Limits below.
Award eligibility varies based on Enrollment Status. For details, please visit the Award Proration information page.
Interest Rates
Loans disbursed on or after July 1, 2018 and before July 1, 2019
*T equals the 10 year T-Bill rate
**Fixed over life of loan
Origination Fees
Other Important Direct Loan Information
Please see the Direct Loan Limits and Direct Loan Counseling information below.
StudentAid.gov
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repaying your student loans.
Annual and lifetime (total debt) limits for Direct Subsidized and Unsubsidized Loans are mandated by the U.S. Department of Education. The amounts include the outstanding principal balance on the loan(s) and not interest or other charges incurred.
*All “Maximum Total Debt” amounts (lifetime limits) include both DIRECT and FFELP subsidized and unsubsidized loans.
**The graduate total debt limit includes subsidized and unsubsidized student loans received during undergraduate study.
***Effective for new Direct Loans for which the first disbursement is made on or after July 1, 2013, Subsidized Direct Loan eligibility is limited to a maximum of 150% of the student’s current academic program length.
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repaying your student loans.
Each student receiving a Subsidized or Unsubsidized Direct Loan for the first time at Texas A&M must complete Loan Entrance Counseling.
Entrance Counseling
Please visit the Howdy Portal. Then click the My Finances tab and enter the Financial Aid Portal. Select the current academic year, there will be a link for Entrance Counseling under the Status tab. Follow the instructions for loan counseling.
Online counseling may require the use of specific browsers and/or browser settings. If you encounter difficulties completing a counseling session, please notify Scholarships & Financial Aid.
Exit Counseling
Upon withdrawing, graduating, dropping below half-time, or simply not returning, you will be sent information on any of the following that apply to you:
- Federal Direct Loans (Subsidized and Unsubsidized)
- Federal Direct Graduate PLUS Loans
Online counseling can be completed at studentloans.gov.
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repaying your student loans.
The Federal Direct Graduate PLUS (Graduate PLUS) loan is an affordable, low interest loan for graduate and professional students. You can borrow up to the total cost of attendance (minus any other financial aid awarded). If you are denied the Graduate PLUS loan due to an adverse credit history, you will not be eligible for any additional Unsubsidized Direct Loan.
Eligibility
- You must be a graduate or professional student.
- You must be enrolled at least half-time.
- You must file a Free Application for Federal Student Aid (FAFSA).
- You must complete Graduate PLUS entrance counseling available on Howdy through the Financial Aid Portal.
Award eligibility varies based on Enrollment Status. For details, please visit the Award Proration information page.
Texas A&M University highly recommends you apply for the maximum annual amount available to you through the Direct Loan program before applying for the Graduate PLUS Loan.
Interest Rate
Loans disbursed on or after July 1, 2017 and before July 1, 2018
*T equals the 10 year T-Bill rate
**Fixed over life of loan
Loans disbursed on or after July 1, 2018 and before July 1, 2019
*T equals the 10 year T-Bill rate
**Fixed over life of loan
Origination Fees
Repayment
Repayment is deferred until the student graduates or drops below half-time enrollment status.
How to Apply
The 2018-2019 Graduate PLUS loan application on studentloans.gov will become available beginning May 20, 2018.
Graduate PLUS loans are based on credit, therefore in order to apply:
- Log onto the StudentLoans.gov website.
- Sign in using your FSA ID.
- Click on "Apply for a Plus Loan".
- Select Direct PLUS Loan Request for Graduate/Professional Student Borrowers.
- Follow through all steps of the application and submit.
- You will receive an instant credit decision after submitting the application.
If approved:
- Complete the PLUS MPN for Graduate/Professional Students through StudentLoans.gov.
- Complete Graduate/Professional Direct Loan Entrance Counseling through StudentLoans.gov.
- Texas A&M University will receive your approved application and award the Graduate PLUS Loan.
If denied:
- You have the option of appealing the denial through StudentLoans.gov and will be provided with information on the appeal process during the application process.
- You also have the option of attaching an endorser on the loan, which is like a co-signer.
- If your loan is later approved, Texas A&M University will receive your approved application and award the Graduate PLUS Loan upon completion of the required Plus loan counseling.
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repaying your student loans.
The Federal Perkins Loan is a low interest loan for both undergraduate and graduate students with financial need. The loan is funded by the federal government, but the school acts as the lender. All payments on the Perkins loan will be made to Texas A&M University.
***Effective October 1, 2016 this program is no longer being funded for Professional programs***
Interest Rate
Fixed rate of 5% - Interest will begin to accrue 9 months after you graduate or drop below half-time enrollment.
Loan Limits
- Professional Students
- Annual Limits - $8,000
- Lifetime Limits - $60,000*
* includes undergraduate amounts
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repaying your student loans.
The Short-Term Loan Program is funded by the Texas A&M University Association of Former Students, the Texas A&M University Class of 1926, University departments, as well as colleges and friends of Texas A&M University.
Short-Term Loan funds were established to provide assistance to students who experience temporary financial difficulty in connection with educational or educationally related expenses other than tuition and required fees.
Eligibility
- You must be enrolled at least half-time.
Professional students must meet the minimum GPA requirement for Satisfactory Academic Progress:
- Veterinary Medicine Students 2.0
- Law Students 2.33
- Medical Students 2.0
- Dental Students 2.0
- Pharmacy Students 2.33
Interest Rate & Processing
- 8%* simple interest per annum.
- A $10 processing charge is assessed on each loan. This charge will be added to the amount of the loan requested.
* If the loan is not paid by the due date, additional late charges of 0.5% per month will accrue on the unpaid principal balance until paid in full.
Right to Cancel
As a result of the Truth in Lending Act (TILA) of 2009, Scholarships & Financial Aid must allow a three full business days Right to Cancel period after the signed promissory note is submitted before funds can be released to your student account. This will create a delay in your ability to receive Short-Term Loan funds. This requirement became effective February 14, 2010.
Please plan accordingly, knowing that Short-Term Loan funds cannot be released for three business days after you have submitted a signed promissory note.
Repayment
These loans must be repaid with interest within a prescribed repayment period ranging from one to twelve months.
If the loan is not paid in full by the due date, both transcripts and registration will be blocked until the account is paid in full. Past due loans are subject to collection fees, attorney fees, higher interest rates, as well as negative credit reports to national credit bureaus.
Information on where to repay your loan will be included on your promissory note.
If you have direct deposit (ACH) set up before applying for a Short-Term Loan it will take 3-5 business days from the end of the Right to Cancel period for your money to be deposited to your bank account. You may authorize direct deposit of Short-Term Loan funds and financial aid refunds through the Howdy Portal at howdy.tamu.edu, click on the My Finances tab. You can contact Student Business Services via phone at 979-847-3337 for questions about your Short-Term Loan repayment.
Applying
The application for Short-term loans is available online at sfaid.tamu.edu/stlapp.
Note: Once approved for a loan students will be instructed via email to sign a promissory note before funds can be released. Instructions will be sent to the student’s official Texas A&M University email address. Students who are eligible will be directed to DocuSign for identity authentication, to electronically sign the promissory note, and to obtain a disclosure notice with additional information on the loan the student has been approved to receive. Students who are not eligible to authenticate using an electronic signature will be sent instructions on completing the promissory note with a wet signature.
For more information, view Short-term Loans FAQs and Short-term Loans Acceptable Expenses.
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The Emergency Tuition and Fees Loan (ETFL) is available to help you pay your Texas A&M University tuition and required fees. This loan will be applied directly to your tuition and fee account after the Master Promissory Note has been signed and submitted to Scholarships & Financial Aid. If you have signed a Master Promissory Note for an Emergency Tuition and Fees loan from a prior semester, you do not have to sign another promissory note.
An email will be sent to you after the loan has been approved and will provide instructions on how to sign a promissory note.
Depending upon timing, your financial aid refund may be applied toward your ETFL, but this is not always the case. It is your responsibility to use any refunds issued to you to repay an outstanding ETFL and to ensure your outstanding ETFL balance is at zero by the loan due date.
Eligibility
- You must be enrolled in at least 1 hour at Texas A&M University.
- You must have an active Texas A&M University student email account.
- You must be clear of all financial blocks with Texas A&M University.
- You must meet minimum GPA requirements.
- Veterinary Medicine Students 2.0
- Law Students 2.33
- Medical Students 2.0
- Dental Students 2.0
- Pharmacy Students 2.33
Interest Rate & Processing
- 5% simple interest rate
- A $10 processing fee is assessed on each loan. This charge will be added to the amount of the loan you are approved to receive.
Repayment
Repayment terms are contingent upon the semester in which the loan is requested. All payments will be due on the 15th day of the month.
- Fall/Spring loans are due approximately 90 days after the loan is applied to your student billing account.
- Summer loans are due approximately 30 days after the loan is applied to your student billing account.
If the loan is not paid in full by the due date, both transcripts and registration will be blocked until the account balance is paid in full. You can contact Student Business Services via phone at 979-847-3337 for questions about your Emergency Tuition and Fee Loan repayment.
Applying
Apply online at sfaid.tamu.edu/stlapp.
Note: Once approved for a loan students will be instructed via email to sign a promissory note before funds can be released. Instructions will be sent to the student’s official Texas A&M University email address. Students who are eligible will be directed to DocuSign for identity authentication, to electronically sign your promissory note, and to obtain a disclosure notice with additional information on the loan you have been approved to receive. Students who are not eligible to authenticate using an electronic signature will be sent instructions on completing the promissory note with a wet signature.
For more information, please visit Emergency Tuition & Fees Loan FAQs.
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repaying your student loans.
Graduate students may be hired as teaching, research or non-teaching assistants and work an average of twenty hours per week. The Student Employment Office posts assistantship opportunities via Jobs for Aggies.
If you are a graduate student interested in acquiring an assistantship, you should contact your graduate advisor for help. Teaching and research graduate assistants are paid monthly. Non-teaching graduate assistants are paid bi-weekly for hours worked. You should contact your hiring departments regarding fringe benefits.
Assistantships are not counted as a resource to your financial aid packet. Many different fellowships are available through departments, colleges, and the Office of Graduate Studies. Ordinarily, graduate students holding fellowships are not required to perform any services. Many competitive fellowships of $1,000 or greater per academic year also allow students to pay tuition at the in-state rate. Fellowships packages vary from $1,000 to over $30,000 and some do include funds for insurance and tuition and fees.
Scholarships & Financial Aid’s role for fellowships is to ensure that they are counted as a resource towards a student’s financial aid packet since they contribute to educational expenses. Fellowships can be lump sum (One Payment) or monthly (which are monthly payments) in a semester. Departments or Colleges are permitted to determine which way a fellowship is to be paid. Scholarships & Financial Aid establishes fellowship payment dates annually according to the academic calendar. These dates cannot be changed due to how funds are to be disbursed in Scholarships & Financial Aid.
Fellowships must be awarded to a student’s account before July 1 for the following academic year. This will allow Scholarships & Financial Aid time to review each student’s account to ensure the fellowship will not have an impact on other aid. If an award is added after July 1, it will affect the student’s financial aid and we may have to return funds, such as loans and/or reduce aid.
Fellowships are usually a stipend provided to a student to assist with living and educationally related expenses. Scholarships are lump sum payments and are an award provided to a student based on his/her performance on a scholarship application or financial need.
For more information on a fellowship you can visit ogs.tamu.edu. Scholarships are a great source of funding for higher education. We encourage you to apply with many organizations and scholarship providers in addition to the Texas A&M scholarships. Please visit scholarships.tamu.edu for more information. The Student Employment Office is designed to help students pursue their educational goals by providing employment resources and professional development opportunities. Additionally, the Student Employment Office provides the human resources function for students and employers of students at Texas A&M University. Please visit jobsforaggies.tamu.edu for more information.