Tuition/Cash Loans (Institutional)
Types of Loans
There are two types of institutional loans—emergency cash loans (maximum of $500) and tuition loans based on the amount of the tuition and fee bill. The interest rate for both loans is 4% APR. You may access the tuition and cash loan Web sites through a link on UT Direct.
For information concerning eligibility for cash and tuition loans and other loan programs, contact The Office of Student Financial Services (OSFS). OSFS processes loan applications and has counselors available to advise you on your best options.
International students need to contact the International Office.
For additional billing information, please contact us.
Frequently Asked Questions
How much will the tuition loan cost me?
Tuition loans are based on a fixed interest rate of 4% (Annual Percentage Rate), and you may pre-pay the balance (principal and interest) at any time. In addition to the interest due on the amount borrowed, a fee of $15 is charged for the installment plan when less than the full amount of tuition and fees is borrowed.
When is my tuition loan due?
Your tuition loan will be due anywhere from 30-90 days from the day you signed your promissory note. The due date is stated on the promissory note. The loan period will be shorter if it is close to the end of the semester. If you receive financial aid, the proceeds will be used to pay your loan off, and the net amount of the award will be disbursed to you.
When is my cash loan due?
An emergency cash loan is always due one month from the day you sign the promissory note.
Can I make partial payments on my loan?
Partial payments for tuition loans by eCheck, EFT, or credit card may be made on the Tuition Loan Web siteup until your due date. Partial payments for cash loans may be made on the What I Owe Web site. You may also make payments for tuition or cash loans by check or cash at the Cashier’s Office, located in MAI 8.
Can I set up a payment plan?
Payment plans are not available for institutional loans. The entire balance must be paid by the due date.
What will happen if I do not pay off my institutional loan by the due date?
You will have a financial bar on your records until the loan is paid. You cannot get an official transcript; you will not receive your grades; you cannot register for the next semester; and if you are graduating, you will not receive your diploma. In addition, as stated in the promissory note, if unpaid, your loan will be turned over to an attorney or collection agency resulting in additional charges up to 33 1/3 percent of the outstanding balance of the loan. When the loan is paid, the bar will be removed immediately. Tuition loans are reported to the credit bureaus from the date they are made. Not paying these on time will result in negative information on your credit report.
When will I be turned over to a collection agency?
Three months after the due date. If you have any questions, please call us at 512-475-7779 option 2 or e-mail us at tuitioncashloan@austin.utexas.edu.
Why didn't my financial aid pay off my institutional loan?
Under normal circumstances, your financial aid funds will pay off your tuition loan or an emergency cash loan. The most common reason why your financial aid does not pay your tuition loan is because your loan may be for a prior semester. Federal rules forbid financial aid funds from paying a prior year's debt. There are other exceptions. If you are in this situation, you will need to contact the Office of Student Financial Services. If your financial aid did not pay off the entire loan balance, you are responsible for paying the remaining balance, as outlined in your promissory note.
How can I get a tuition loan? Is there a minimum number of hours required?
Apply online at the Tuition Loans Web site.
Tuition loans are available on the Web. If you are not able to use the Web, go to the Office of Student Financial Services. International Students should go to the International Office. Texas Residents and out-of-state students must be enrolled for a minimum of six semester hours, and International Students must be enrolled for a minimum of 12 semester hours to qualify for a tuition loan.
If I have already processed a tuition loan, then I add a class, can I get another tuition loan to pay the add bill?
Yes. Go to My Tuition Loan to increase the amount of your tuition loan to cover your added classes.
