Financial Aid
Payment Options and Loan Information
Understanding Loans, Outside Scholarships and Payment Plans
Your Financial Aid Award letter lists the types and amounts of aid for which you are eligible, including federal loans. All need-based financial aid awards include loans, but taking them is optional. Unlike your grants and scholarships, which are automatically credited to your student account, loans must be initiated online by the student or parent borrower. In mid-late May, you’ll receive loan instructions via email letting you know how to proceed with the loans you’ve chosen. In the meantime, we urge all first-time borrowers to spend some extra time learning about the loan process so that you can make informed choices throughout your education.
NOTE: If you do not intend to take loans or would like to accept lowered loan amounts and did not indicate this on your Financial Aid Reply Form, please let us know now.
In July you’ll receive a billing statement outlining your student’s charges (tuition, room, board, etc.) and credits (merit scholarships, need-based grants and scholarships, etc.). Between now and then, use the resources below to estimate what you’ll owe and take a look at some of your options, like loans and/or the University’s Payment Plan.
| When | What |
|
Now |
Get a head start on registration, housing options, First Year Seminar options and more by attending an on-campus event. |
| During May |
If you know you’ll be borrowing, start looking into loan information and call us with your questions. Use the resources below to learn everything you (n)ever wanted to know about student and parent education loans:
1. Learn the answers to some of the most common borrower concerns; While you’re weighing your loan options, also consider using the University’s Payment Plan. Many families find it a great, no-interest alternative to the Parent PLUS loan for supplementing the student’s loans. |
| May - June |
Students will receive an Outside Scholarship Declaration form via email. Use this to let us know about any outside/private scholarships you think you may receive. If the new information causes a change in your financial aid award (decreased loans, etc.) we’ll make the changes for you and send you a revised award letter. This ensures a more accurate billing statement in July, when you’ll see your scholarships listed as pending credits on your student account (as opposed to becoming part of a balance due). Students who participate in the Texas Tomorrow Fund should fax their TTF ID card to our Business Office at (512) 863-5788. |
| June |
All students planning to participate in the Payment Plan should be enrolled by June 1. Unless you declined your loans on the Financial Aid Reply Letter, you’ll receive a Loan Instruction email directing you to move forward with the loan process for whichever loans you’ve decided on. If you’re unsure about your loan status or have questions about the process, please contact our office. Use this link if you’re ready to process your loans now. |
| July | Billing Statements for all students will be mailed home in mid-July. It’s critical that all online processing (such as Payment Plan registration or loan processing) be completed prior to this date to ensure the accuracy of your statement and proper credit of funds to your student account.Contact the Business Office with questions or concerns about your billing statement. |
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