There are several types of financial aid, including federal and private loans, federal employment program (FWS), special federal benefit program, scholarships sponsored by Texas Chiropractic College and scholarship sponsored by state and private organizations.
All students entering Texas Chiropractic College are classified as “graduated students”. All graduate students are automatically considered independent for financial aid purposes.
Federal Loan Program
Federal Direct Loans are low-interest loans for students to help pay the cost of post-secondary education. The lender is the U.S. Department of Education rather than a bank or other financial institution.
Unsubsidized Federal Direct Stafford Loan
Effective July 2012 the government will not provide any subsidy (pay interest while in school) on the Federal Stafford Student Loan for graduate student; therefore, all funds are unsubsidized. The total amount graduated student may borrow under the Unsubsidized Federal Direct Loan program is $33,000 every 30 weeks/two trimesters. All money will be in unsubsidized.
This long term, low interest loan program is designed to provide addition funds for postsecondary education. For Unsubsidized Direct Stafford loans, the interest is the responsibility of the student while in school, during the grace period, and repayment.
| Eligibility- Borrowers must be enrolled at least part time, and a U.S. citizen or an eligible non-citizen |
| Annual/Aggregate Limits- The current graduate limit is $33,000 per academic year (9months) with an aggregate of $224,000 (including undergraduate loans). |
| Interest Rate – Federal student loan rates are linked to the Federal 10-year Treasury rate, plus a small margin. The interest rates are fixed for the life time of the loan; however, the rates for new loans will change annually, based on the current market. The interest rate for graduate students in the 2018-2019 5.05% for unsubsidized and 7.60% for graduate PLUS loans. |
| Loan Fees- The government charges a 1.062 origination fee (effective 10/1/18) of the loan amount. This fee is subject to change by the government. |
| Loan Repayment- Begins six months (grace period) after the month in which the borrower is no longer attending at least half-time. Standard, graduated, extended and income-based repayment plans are available for a time frame of 10 to 30 years (dependent upon the amount borrowed). |
Credit-Based Federal Graduate PLUS Loan
The Federal Graduate Plus loan is a credit based federally guaranteed loan available to graduate and professional students.
Critical Requirements:
This loan is based on being credit-ready, your income, debt, credit score and assets are not a factors for approval; however, negative credit items are grounds for denial (tax lien, charge off, delinquent accounts, etc.). An option is available to obtain a co-signer/endorser if the loan is denied.
| Eligibility- Same as the Federal Direct Stafford loan and must first have applied for the maximum annual loan eligibility in that program. |
| Annual/Aggregate Limits- Up to the cost of attendance less any awarded aid (i.e. loans; scholarships and federal workstudy) per academic year. |
| Interest Rate – Federal student loan rates are linked to the Federal 10-year Treasury rate, plus a small margin. The interest rates are fixed for the life time of the loan; however, the rates for new loans will change annually, based on the current market. The interest rate for graduate students in the 2018-2019 5.05% for unsubsidized and 7.60% for graduate PLUS loans. |
| Loan Fees- The government charges a 4.248 origination fee (effective 10/1/18) of the loan amount. This fee is subject to change by the government. |
| Loan Repayment- Begins within 60 days following the last disbursement. Graduate/professional students will automatically receive an in school until enrollment drops below half-time status or at graduation. The standard repayment period is 10 years; however, for a balance above $30,000 the repayment period may be extended to 25years. |
| Note: In addition, borrowers are eligible for deferment during the six-month period beginning on the day after the student ceases to carry at least half-time enrollment as defined by the institution. |
Default Rate
FY2018-0.0%
FY2017-2.4%
FY2016-1.2%
Eligibility Requirements
General requirements: U.S. Citizen or eligible non-citizen, part time or full time student, file a FAFSA at www.fafsa.gov and maintain Satisfactory Academic Progress (SAP).
Many students wonder how their parent’s finances will affect their eligibility. As a graduate student you will not be using your parent’s income to determine your eligibility. If you are married you will need to use your household income as part of your income reporting. There are provisions for possible budget adjustments for documented daycare expenses to assist students with dependents.
The federal student loan programs are considered non-need based federal aid and therefore do not have income/asset restrictions. The federal work study program is a need based program and eligibility is based on your FAFSA form.
Student Employment
Federal work study: Students earn a portion of their financial aid award by working on campus. Students are paid for hours worked at the federal/state minimum wage rate. Eligibility is need based.
Community Service: Students also earn a portion of their financial aid by working off campus through a local nonprofit, governmental and community based organizations.
Government Programs
Veterans Education Benefits
Education benefits are available to veterans attending Texas Chiropractic College through Chapter 32(VEAP), Chapter 35 (Dependents), Chapter 30,31,1607 and Chapter 33 (Post 911 GI Bill). For more information please contact the Veterans Administration (800)827-1000 or www.gibill.va.gov.