Student Financial Services
Other Loans

Rights and Responsibilities

You have the right to decline any financial aid that you are offered. You have a number of rights and responsibilities pertaining to borrowing student loans. Click here for a list of important rights and responsibilites of which you should be aware.

In addition to the William D. Ford Direct Loan Program and alternative education loans from private lenders, a few other loan programs are available although funding is often limited.

Perkins Loan
The Perkins Loan is a federal loan program. This is a campus-based loan program, with Baylor acting as the lender using a limited pool of funds provided by the federal government. No new federal funding is available for the program currently. The amount available to award each year is dependent on the amount repaid by previous Baylor borrowers. Consideration is based on completion of the Free Application for Federal Student Aid. At Baylor, awards of up to $4000 are made to undergraduate students with exceptional financial need. The Perkins Loan is a subsidized loan, with the interest being paid by the federal government during the in-school and 9-month grace periods. There are no origination or default fees, and the interest rate is 5%. There is a 10-year repayment period. The aggregate limit for undergraduate students is $27,500.

Nursing Loan
The Nursing Loan is a federal loan program for students pursuing a degree in nursing. Consideration is based on completion of the Free Application for Federal Student Aid and admission to the Nursing School. It is a low-interest loan for undergraduate and graduate students with exceptional financial need. Loans of up to $4000 are made with government funds through Baylor's financial aid office, and Baylor acts as the lender. The interest rate is 5 percent. You are not responsible for paying the interest on the loan during in-school, grace, and deferment periods. The aggregate limit is $13,000.

B-On-Time Loan (for Texas residents only)
The Texas B-On-Time Loan program provides eligible Texas students no-interest loans to attend colleges and universities in Texas. You must complete the Free Application for Federal Student Aid and complete the Recommended high school curriculum to be considered for limited available funding. The maximum amount of the loan is determined by the Texas Higher Education Coordinating Board each year and an allocation is assigned to Baylor. The Student Financial Aid Office will determine if you are eligible. If this loan is offered to you, the Student Financial Aid Office will instruct you to complete an application and promissory note online. Full-time enrollment is required. Very limited exceptions are allowed for students who enroll less than full-time but at least half-time. Click here to review Baylor's BOT Hardship policy. If you meet specified goals, the entire loan amount can be forgiven upon graduation. For more information about loan forgiveness click here.

College Access Loan (for Texas residents only)
The College Access Loan (CAL) Program provides an alternative type of educational loan to Texas students that attend colleges and universities in Texas. Baylor receives an allocation of funding from the Texas Higher Education Coording Board each year. You do not have to demonstrate financial need by completing the Free Application for Federal Student Aid to receive this loan, which may be used to cover all or part of your Expected Family Contribution (EFC). However,you must deduct your eligibility for Direct Subsidized and Unsubsidized Loans (even if you do not wish to pursue a Direct Loan) from the cost of attending Baylor to determine the amount of the CAL loan you could receive. For more information and to apply, click here.

Baylor Institutional Loan
Limited funding may be available as determined by the Student Financial Aid Office. THis is a loan of last resort and is not appropriate for all students. The interest must be paid each year to renew the demand note while attending Baylor University as at least a half-time student. The loan has no cancellation or deferment benefits. The maximum repayment period is seven years.

Other Loan Sources
Occasionally private foundations and organizations make loans to students who live in a specific geographic location or who meet other unique criteria. Your high school counselor is a good resource for information regarding these types of loans.