Loans

Short term loans are offered to all students currently enrolled through the Texas Tech University Health Sciences Center, except those students who are within 30 days of their graduation date. The Emergency Tuition Loan is intended to pay the total cost of tuition and fees. Short Term Loans are also available to buy books and supplies, or for other living expenses. All types of loans have a maximum repayment term of 90 days. 

Apply for a Short Term/Emergency Tuition Loan

Provides low-interest loans for students who are Texas residents and are eligible to pay in-state tuition.

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Students may apply for a Federal Direct student loan by submitting the Complete the Free Application for Federal Student Aid Form (FAFSA) These loans include the Direct Subsidized Loan, Direct Unsubsidized Loan, and Direct PLUS Loans.

• Direct Parent PLUS Loans are offered by the Department of Education to parents of dependent students.
• Direct Grad PLUS Loans are offered by the Department of Education to graduate/professional students.

For more information on PLUS loans, please visit the Federal Student Aid website.

The alternative loan is a private loan designed for all students. Repayment of these loans typically begins 6 months after graduation (or separation) from your program. However, these loans are credit based and the student must meet certain credit criteria or apply with an eligible co-signer to be approved for these loans. Most of the lenders offer variable interest rates, and many set your interest rate based on your credit rating. If you were awarded an alternative loan, you must still apply with a lender to be approved and receive this loan.

*Please note that the TTUHSC provides a list of some available lenders for students to use as starting point and lenders are evaluated annually for inclusion. Students are not limited to selecting a lender from this list and the TTUHSC does not receive any benefits in exchange for placing a lender on this list. A borrower should never be directed to a specific lender by the University.

Elm Select is a website that allows students to compare several lenders in one place.

Credible is another website that allows students to compare several lenders in one place.

Texas Medical Association - The Texas Medical Association offers low interest loans for qualified medical students. General Requirements:

• Interest is due one year after the loan is disbursed and then annually until monthly repayment begins.
• Repayment of the principal portion of the loan begins four years after graduation.
• Equal monthly payments will be made for four years.
  Loans may be repaid in full at any time prior to maximal tenure without penalty.
• The note will become due if the student should discontinue the study of medicine.
• An interview will be required with a Trustee of the Texas Medical Association.
• For more information or to apply visit: TMA Loan Funds

Minnie Stevens Piper Foundation - Loans are made to full-time students who are U.S. citizens/Permanent Residents and Texas residents attending Texas colleges or universities. Loan applications will be considered for undergraduate juniors and seniors, and graduate students.

• Apply to the Minnie Stevens Piper Foundation

Before deciding to borrow a private/alternative student loan parents should review the following information:

• Federal Student Loans vs. Private/Alternative Student Loans
• Please note that the TTUHSC Additional Loan Programs list is a compilation of some available lenders for students to use as starting point and lenders are evaluated annually for inclusion. Students are not limited to selecting a lender from this list and the TTUHSC does not receive any benefits in exchange for placing a lender on this list. A borrower should never be directed to a specific lender by the University.

The Federal Graduate Plus loan program is designed for Graduate/Professional Students only. The Grad/Plus loan is very similar to the private alternative loan. These loans are also credit based; however, the student must meet different credit criteria set by the Federal Government. 

The interest rate for this loan is fixed and is set every July 1st. The highest the interest rate can be is 8.25%.  Repayment begins 60 days after the loan is fully disbursed; however you can request an in-school deferment on this loan (for each year/semester of enrollment) until graduation (or separation) from your program. 

Please note: dependent, undergraduate students interested in the Plus loan program, may request their parents apply for the Parent Plus Loan program.

• Direct Subsidized Loans are available to undergraduate students with financial need.
• Your school determines the amount you can borrow, and the amount may not exceed your financial need.
• The U.S. Department of Education pays the interest on a Direct Subsidized Loan while you’re in school at least half-time, for the first six months after you leave school (referred to as a grace period), and during a period of deferment (a postponement of loan payments).

• Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
• Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
• You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods. 
• If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

You must have loan eligibility listed in your student awards before you can apply for one of these loans. If you wish to apply for either loan, you may choose a lender from the lender list and apply at the lender’s website.

Many lenders offer you a pre-approval process so you can determine your eligibility for the loan. If you are approved for the loan, the lender will notify our office so we may provide the school certification portion. If you are not approved, you are encouraged to contact the lender to determine the reason for the denial. If denied, most lenders will work with you to offer possible alternatives, such as applying with a co-borrower.