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Coordinating Board Loan Programs Aimed at
"Closing the Gaps"
By Lesa Moller, THECB
Two of the goals of the State’s Closing the Gaps Plan are to make
higher education more affordable for students and their families and to
increase the number of graduates in fields that are critical to the future
of Texas. The Texas Higher Education Coordinating Board has taken several
steps this year toward those goals and requests your assistance in making
students aware of the opportunities that are available to them.
Texas B-On-Time Loan Program Up and Running
The 78th Legislature created this program to provide zero-interest loans
which can be forgiven for students who graduate on time with at least a
3.0 GPA. Funds for the current biennium were made available through the
refinancing of Hinson-Hazlewood College Student Loan Program bonds.
For those of you who have questions about this new program, visit www.hhloans.com for the Texas B-On-Time Handbook, fact sheet, slide presentation, and all
Coordinating Board communications regarding the program.
Interest Rates Lowered on All College Access Loans
The Coordinating Board has lowered the fixed annual interest rate to 5.25%
for all new and pre-existing CAL & HELP loans, (unless they are in
default).
New Variable Rate CAL Loans at 3.12%
The Coordinating Board is now offering variable rate College Access Loans
(VCAL) for students majoring in fields identified in the Closing the Gaps
Plan as being critical to the future of Texas. The annual rates will be
set on July 1 of each year and will be capped at 4% above the rate at which
the loans are made. The current annual rate is 3.12% and thus will never
be higher than 7.12%. Students majoring in allied health, computer science,
education, engineering, math, nursing, or physical science are eligible
for VCALs.
For assistance with any of the Coordinating Board’s loan programs
please contact Lesa Moller by phone at (512)427-6366 or e-mail at lesa.moller@thecb.state.tx.us or
Connie Cooper by phone at (512)427-6384 or e-mail at connie.cooper@thecb.state.tx.us
 
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