- Loan Limits
- What is the Public Service Loan Forgiveness Program?
- Why do I have to complete the Statement of Student Compliance with Selective Service Registration Form ?
- Are there any additional educational loans available?
- How do I apply for a private alternative loan?
- What is the Minnie Stevens Piper Foundation Student Loan Program?
- Where how do I apply for a federal student loan?
- What is the priority deadline for applying for financial aid?
- What is the standard turn-around time for loan processing?
- How can I get the Texas B-On-Time Loan?
- If I was awarded the Texas B-On-Time Loan what do I do now?
- My B-On-Time Loan has not disbursed to my account yet Why?
- What is the Texas B-On-Time Loan?
- Who should I talk to so that I may receive the Texas B-On-Time Loan?
The maximum amount you can borrow each year in Direct Subsidized and Unsubsidized Loans depends on your grade level and on whether you are a dependent student or an independent student. The following table shows the maximum amount of money you may borrow each academic year in Direct Subsidized and Unsubsidized Loans:
$5,500 (maximum $3,500 subsidized)
|3rd- and 4th-year undergraduate||
NA (All graduate and professional students are considered independent.)
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student’s education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.
With Direct Loans, you
- Borrow directly from the federal government and have a single contact-the Direct Loan Servicing Center—for everything related to the repayment of your loans, even if you receive Direct Loans at different schools.
- Have online access to your Direct loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.direct.ed.gov.
- Can choose from several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
The Direct Loan Program offers the following types of loans:
- Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
- Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
The Public Service Loan Forgiveness Program was created to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 payments on loans under certain repayment plans while employed full time by certain public service employers. Only non-defaulted loans made under the William D. Ford Direct Loan Program are eligible for loan forgiveness. The Direct Loan Program includes the following types of loans:
- Federal Direct Stafford/Ford Loans (Direct Subsidized Loans)
- Federal Direct Unsubsidized Stafford / Ford Loans (Direct Unsubsidized Loans)
- Federal Direct PLUS Loans (Direct PLUS Loans)- for parents and graduate or professional students
- Federal Direct Consolidation Loans (Direct Consolidation Loans)
Although loan forgiveness under this program is available only for loans made and repaid under the Direct Loan Program, loans made under other federal student loan programs may qualify for forgiveness if they are consolidated into a Direct Consolidation Loan. Therefore, only payments made on the Direct Consolidation Loan will count toward the required 120 monthly payments.
The 120 required payments must be made under one or more of the following Direct Loan Program repayment plans:
- Income Based Repayment (IBR) Plan
- Income Contingent Repayment Plan
- Standard Repayment Plan with a 10-year repayment period Any other Direct Loan Program repayment plan, but only payments that are at least equal to the monthly payment amount that would have been required under the Standard Repayment Plan with a 10-year repayment period may be counted toward the required 120 payments.
Go to the Public Service Loan Forgiveness fact sheet for more information on the terms and conditions of the program and to understand what types of public service jobs qualify.
Why do I have to complete the Statement of Student Compliance with Selective Service Registration Form?
According to Texas Education Code section 51.9095, an individual may not receive a loan grant, scholarship, or other financial assistance funded by state revenue, including federal funds or gifts and grants accepted by this state, or receive a student loan guaranteed by this state or the Texas Guaranteed Student Loan Corporation, unless the individual files a statement of the student’s selective service status with the institution or other entity granting or guaranteeing the financial assistance as required by this section.
Please note, according to federal law, international students (foreign males) between the ages of 18 and 25 living in the United States are required to register with selective service. International students without Social Security Numbers must go to your local post office and complete the Selective Service card and mail it to the Selective Service Office.
Hence, all students are required to complete the Statement of Student Compliance with Selective Service.
Alternative student loans can be used for any education-related expenses including tuition, books, transportation and room and board. You may apply for an alternative loan at any time. Approval is generally based on your and your cosigner’s credit and should be considered after all federal student loans, grants and scholarships have been exhausted
Go to: https://www.elmselect.com/oll/Agreement and complete the loan application. Please be advised alternative loans are credit based. Before beginning the loan application, we suggest you have a credit-worthy cosigner.
Short Term Loans
Prairie View A&M University may make available a short term loan for students that have exhausted all financial aid resources and are referred for a short term loan by the Office of Student Financial Aid.
Students must be referred for a short term loan by their Financial Aid counselor and must meet the requirements to apply for a short term loan.
The Minnie Stevens Piper Foundation Student Loan Program offers 4.00% APR loans to worthy and needy students for school and living expenses. Among other criteria, eligible individuals must be Texas residents; classified as a junior, senior undergraduate or graduate/professional student; and enrolled full-time.
Loan applications are available are now available online at:
Loans/Applying For A Loan
In order to apply for a federal student loan, students must complete Federal Entrance Counseling and a William D. Ford Federal Direct Loan Promissory note. If you have not done so already, you must apply for a federal pin number. Once you have a federal pin number, then you will be able to complete both the entrance counseling and Direct Loan Promissory note requirements via the US Department of Education’s web page at http://studentloans.gov.
Financial Aid Deadlines are as follows:
March 15 – Fall priority submission date for a complete financial aid application file. A complete application file includes:
(1) the Federal Student Aid Report received by the Office of Student Financial Aid; (2) all required documents received and processed (i.e. verification); (3) the student has been accepted for admission at PVAMU.
April 15 (tentative date) – Financial aid award notifications for Fall will be mailed to first-time freshmen and transfer students.
May 15 – Final date for processing financial aid awards in advance of summer registration with the assurance that awarded funds will be available for fee payment.
June 1 – After final Spring grades are posted and Satisfactory Academic Progress calculated, electronic financial aid award notifications will be sent to the University email address of current students. The email will direct you to check your award status using Panthertracks. Those students identified as not making Satisfactory Academic Progress will be notified via their University email address and provided instructions on how to appeal.
August 15 – Final date for processing financial aid awards in advance of Fall registration with the assurance that awarded funds will be available for fee payment in August.
October 15 – Spring priority submission date for a complete financial aid application file. A complete application file includes:
(1) the Federal Student Aid Report received by the Office of Student Financial Aid; (2) all required documents received and processed (i.e. verification) (3) the student has been accepted for admission at PVAMU.
December 15 – Spring verification deadline.
December 15 – Final date for processing financial aid awards in advance of spring registration with the assurance that awarded funds will be available for fee payment in January.
March 15: Summer Priority Deadline for financial aid.
March 15: Fall Priority Submission deadline for financial aid.
April 15: Scholarship renewal deadline.
May 15: Summer deadline
All students should complete the FAFSA and all other documents as soon as possible after January 2. Do not wait until after taxes are filed in April to complete the FAFSA and other documents. However, the tax information must be used to complete the FAFSA.
- Other information may be required for Fall.
- Awards are being posted to Panthertracks daily.
- Aid will be disbursed to student accounts 7 days before the first class day.
- Classes start August 29.
This information can also be found at: http://www.pvamu.edu/pages/2128.asp
Once awarded and all documents are completed, it will take approximately 24 hours for students to be awarded. Awards are disbursed into the students account 10 days before courses begin.
Loans/Texas B-On-Time Loan
Prairie View A&M University’s financial aid office will determine if you are eligible. If this loan is offered to you, the financial aid office will instruct you to complete an application and promissory note online.
Students awarded the Texas B-On-Time Loan may receive up to $3,390.00 per semester ($6,780.00 per year).
For more information about Texas B-On-Time Loan, you may review the Texas B-On-Time (BOT) Loan Program Fact Sheet via The Texas Higher Education Coordinating Board’s web page.
Students should check Panther Tracks to make sure that they were awarded the Texas B-On-Time Loan. If awarded, the student must complete the loan application at http://www.hhloans.com/borrowers/BOTfactsheet.cfm.
Students will have to complete a Private Education Loan Application and mail the form to The Texas Higher Education Coordinating Board (THECB).
When your loan has been approved you will be mailed a Loan Approval Disclosure containing specific detail of your loan. You are required to accept the term of your loan. The completed and signed form must be mailed back to THECB before final loan approval.
Prior to disbursement of loan funds you will receive a Loan Consummation Disclosure, which discusses your option to cancel the loan transaction, without penalty, by midnight of the third business day after you receive the disclosure. No funds will be sent to Prairie View A&M University for disbursement until the three day option period ends.
Due to state regulations, Texas B-On-Time Loans will not be disbursed on to student accounts until September 1. Also, please make sure that you completed the student application. The application can be completed at http://www.hhloans.com/borrowers/BOTfactsheet.cfm.
The purpose of the Texas B-On-Time Loan program is to provide eligible Texas students no-interest loans to attend colleges and universities in Texas. If the student meets specified goals, the entire loan amount can be forgiven upon graduation. You can get more information about the at Texas B-On-Time Loan at http://www.hhloans.com/borrowers/BOTfactsheet.cfm.
Texas B-On-Time Loan funds are awarded via the University’s automated financial aid packaging system. If a student was not awarded a B-On-Time loan, students must speak with their financial aid counselor for additional consideration. Please be advised, due to limited state funding, we may have been prevented the opportunity of awarding you the loan.
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