| (a) Amount of Loan. For loan applications received
by the agency prior to September 1, 2023, the amount of loan shall
not exceed the amount that the student needs in order to meet reasonable
expenses as a student.
(b) Annual and Aggregate Loan Limit. For loan applications
received by the agency prior to September 1, 2023, the maximum annual
and aggregate loan amounts for any eligible student shall be determined
from time to time by the Commissioner. In no case shall the maximum
annual loan amount be greater than the annual cost of attendance for
the student at the eligible institution.
(c) Aggregate Loan Limit. For loan applications received
by the agency on or after September 1, 2023:
(1) The maximum aggregate loan amount for an eligible
undergraduate student shall be limited to an amount of debt defined
as "manageable debt" under the Board's Long-Range Master Plan for
Higher Education. The maximum amount of student loan debt is based
on a reasonable monthly student loan payment, taking into consideration
the borrower's area of study, as outlined in Figure 1. The agency
may not loan a borrower an amount of College Access Loans that would
cause the borrower's aggregate educational loan debt, as reported
on the borrower's credit report, to exceed the maximum amount outlined
in Figure 1.
(2) The maximum aggregate loan amount for an eligible
graduate or professional student is the sum of the student's annual
limits.
(d) Annual Loan Limit. For loan applications received
by the agency on or after September 1, 2023, in no case shall the
maximum annual loan amount exceed the difference between the cost
of attendance and the financial resources available to the applicant,
including the applicant's scholarships, gifts, grants, and other financial
aid. The student's maximum eligibility for Federal Direct Loans, except
for Federal Plus loans, must be considered by the institution as other
financial aid, whether or not the student actually receives such assistance.
Attached Graphic
|
| Source Note: The provisions of this §22.49 adopted to be effective May 22, 2003, 28 TexReg 3950; amended to be effective November 28, 2005, 30 TexReg 7855; transferred effective June 1, 2017, as published in the Texas Register May 19, 2017, 42 TexReg 2739; amended to be effective May 18, 2023, 48 TexReg 2501 |
