<p>So I got my Financial Aid package, and, like the rest of everyone on here, I only got loans.</p>
<p>Now my question is this; since the loans I was offered were a combination of Unsubsidized (6.8% interest) and Direct PLUS (7.9% interest), is there any advantage at all to getting loans through UT? Does anyone know about alternatives?</p>
<p>Just thought this would be an informative thread for everyone angry about their Finaid.</p>
<p>Student loans are now exclusively granted through the federal government. The loans you are referencing are actually federal loans, not through UT. UT just allots the stipend they receive from the government and appropriates amounts to various students. </p>
<p>As for any bank loans, they typically charge interest rates similar to those of government loans, so it is doubtful it would be less expensive to try to get bank financing.</p>
<p>Texas Government Loans
[FINANCIAL</a> AID: State Loans](<a href=“http://finaid.utexas.edu/sources/loans/programs/state.html]FINANCIAL”>Loans - Texas One Stop - University of Texas at Austin)</p>
<p>As for the two Texas government loans offered, keep in mind that the B-On-Time loan is administered through UT, so if a student is eligible, it will show on his/her FAN at the time of financial aid distribution. It does not appear that the OP was offered this loan. The second state of Texas loan, the College Access Loan (CAL), is granted only after federal loans have been used. Private school students usually use this loan as their need may exceed the federal loans offered by the university.</p>
<p>I don’t know what OwnTheNight was offered. He said several times in other posts that he got huge scholarships at UT.</p>
<p>I am just providing information for everybody. :-)</p>
<p>i have the b on time loan right now…im going into bme</p>
<p>it says engineering for 5 years…hmmmmmmmm</p>
<p>txex86- I didn’t qualify for B on time, as you surmised, and I doubt I’ll get much from CAL. Thank you for the information though, I’m a bit unfamiliar with the whole student-loan thing.</p>
<p>ya ya- Thanks for the link. And yeah, I did get full tuition, which was awesome, but I still have to pay Housing and other expenses. My dad is 65 and on the brink of retirement, and he’d prefer not to touch his nest egg. Thus, I’m probably going to be taking out student loans.</p>
<p>txex86- In the link that Ya Ya posted, it says nothing about having to use up federal funds before being eligible for CAL. Can you source your previous statement? I can’t find that requirement.</p>
<p>[url=<a href=“HHLoans”>HHLoans]HHLoans.com[/url</a>]</p>
<p>Ownthenight, Yaya provided a link to peruse. On the page I cited above, it states:</p>
<p>
This refers to the amounts you were offered by UT. </p>
<p>On the link Yaya provided, there is a tab titled, “Loan Comparison Chart” which pulls up a PDF file that also states that the CAL loan is “cost of attendance less financial aid.”</p>
<p>txex86
Since Direct PLUS loan was offered to parent, not student, does it mean that CAL can be used after Unsubsidized Stafford and OwnTheNight can still apply?</p>
<p>Own can always apply, but my understanding from others who have received this loan is it is intended to bridge the gap between COA and federal loans, including PLUS loans. Some universities (mostly private) do not offer enough federal aid to cover COA. Thus, those students apply for the CAL loan.</p>
<p>I always thought that parents had right to refuse to take any loans including Direct Plus. It is not their education, it is their children’s … 18 years old and above. :-)</p>
<p>I believe OwnTheNight should try and explain that his 65 y.o. parent doesn’t want to take loans in this age. There is nothing wrong with it.</p>