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University of Houton-Victoria

Financial Aid Links

Cash Course 

Financial Aid
Priority Deadlines: 

Fall 2014 - 8/14/14

8 weel 1- 8/18/14

8 week 2- 10/20/14

First Possible Disbursement Dates:

Spring 2014 - 1/12/15

8 week 1 - 1/12/15

8 week 2  - 3/23/15

Summer 1 - 5/26/15

2nd disbursement - 6/18/15

Summer 2 -6/30/15

2nd disbursement - 7/23/15

Summer 10 -5/26/15

2nd disbursement -7/16/15

Disbursements occur Mondays, Wednesdays and Thursdays.

All documentation must be completed prior to disbursement.

Student Loan Repayment Options


Federal student loans must be repaid to the lender or servicers of the borrowed loan funds over a period of 10 years unless other arrangements are made with the lender. Students can set up several types of repayment schedules to prevent loans from becoming delinquent or into default status.

Standard Repayment Method:

  • Minimum monthly payment is $50, but may be higher depending on balance.
  • Equal monthly payment amount.
  • Maximum repayment period of 10 years.

Graduated Repayment Method:

  • Begins with lower payment amounts that increase over time.
  • Payment cannot be lower than your monthly interest amount.
  • Maximum repayment period of 10 years.
  • More interest will accrue over the life of the loan because the principal balance decreases at a slower rate.

Income-sensitive (Federal Family Education Loan Program) Repayment Method:

  • An adjusted payment amount based on gross income.
  • Payment cannot be lower than your monthly interest amount.
  • Eligibility and payment amount will be adjusted annually.
  • Up to a 10-year repayment period.
  • More interest will accrue over the life of the loan because the principal balance decreases at a slower rate.

Income-contingent (Direct Loan) Repayment Method:

  • An adjusted payment amount based on gross income and family size.
  • Payment cannot be lower than your monthly interest amount.
  • Eligibility and payment amount will be adjusted annually.
  • More interest will accrue over the life of the loan because the principal balance decreases at a slower rate.
  • If you do not repay your loan after 25 years, the unpaid portion will be forgiven (you may have to pay income tax on any amount forgiven).

Income-based Repayment Method:

  • An adjusted payment amount based on income and family size.
  • Payment will not be more than 15 percent of the amount by which your adjusted gross income exceeds 150 percent of the poverty line for your family size. If the monthly payment amount is not enough to pay accrued interest on a subsidized Federal Stafford Loan (or the subsidized portion of a Federal Consolidation Loan), the Department of Education will pay the remaining interest for a period of three consecutive years beginning on the date you first begin repaying under the income-based repayment plan.
  • The monthly payment amount may be adjusted annually.
  • More interest may accrue over the life of the loan because the principal balance decreases at a slower rate.
  • Any outstanding loan balance after 25 years will be forgiven. The amount that is forgiven may be taxable.

Extended Repayment Method:

  • Extended repayment is available to borrowers who had no outstanding balance on Stafford or Grad PLUS Loans on October 7, 1998 and have more than $30,000 in outstanding FFELP loans or Direct Loans (the combined total from both programs is not taken into account).Payment amounts can be either fixed annually or graduated.
  • Maximum repayment term is 25 years.
  • More interest may accrue over the life of the loan because the principal balance decreases at a slower rate.

Pay As You Earn Repayment Method:

  • Available to certain Federal Direct Loan program (FDLP) borrowers only.  You must have had no outstanding balance on a FDLP or FFELP loan as of October 1, 2007, or had no outstanding balance on an FDLP or FFELP loan when you received a new loan on or after October 1, 2007; AND you must have received a disbursement of an FDLP loan on or after October 1, 2011.
  • Monthly payment is adjusted annually, based on the total amount of your FDLP loans, your family size, and your adjusted gross income.
  • Must reapply annually.
  • Total amount paid in interest over the new repayment plan will be greater than the total interest paid over a standard repayment plan, but any outstanding principal and interest still owed after 20 years of qualifying payments will be forgiven.

Consolidation

Students can refinance his/her eligible Federal Loans. The interest rate is determined by the weighted average of all loans included in the refinance. Advantages of consolidating include a fixed interest rate for the term of the loan and possibly a longer repayment period.

Monthly Repayment Example: If you borrow $20,000 in student loans during your college career, your monthly payment based on 8.25% interest rate would be approximately:

Standard Repayment: $245.40 per month.

Graduated Repayment: $137.60 per month.

Extended Repayment: $157.60 per month.

Income-Sensitive Repayment: $137.60 per month.

Income-Based Repayment: 15% of discretionary income

The samples above are subject to change. 

Deferment and Forbearance Options

Student loan borrowers may have a point in time where it may be difficult financially to make payments to his/her student loans. Student Loan Servicers have several deferment options available, including a forbearance option. To identify if a student may qualify for a deferment, log onto the TG website or https://studentloans.gov.