Student loans typically offer deferment of payments while a student is enrolled. Students who are Texas residents may apply through the Texas Higher Education Coordinating Board for Hinson-Hazlewood funding. The interest rate on Stafford Loans is a variable rate, not to exceed 8.25 percent. A student may or may not be required to pay interest on the Stafford Loan while in school, depending on his or her need under the Federal Method of need analysis. With unsubsidized loans interest begins to accrue immediately and must either be paid or added to the principle while the student is in school and during the grace period.
Aggregate maximum includes undergraduate loans.
Repayment on Federal Stafford Loans begins six months after the student graduates or ceases to be enrolled at least half-time. The loan must be repaid within ten years from the date a student is last enrolled half-time in a participating institution. According to HSU policy preference is given to undergraduate students pursuing certain criminal justice, social work, nursing, or teaching careers because of certain cancellation privileges available. For others, the Perkins Loan is used to supplement other need-based aid, and a student is directed to Stafford Student Loans before accessing Perkins funds. The Perkins Loan provides long-term federal loans for U.S. citizens and permanent residents.