TEG is subject to funding availability as allocated by the State of Texas.
- If you are the recipient of any type of award from a source other than the University of Dallas, you must report it to the Financial Aid Office as soon as possible so that arrangements can be made for appropriate credit. An adjustment in your award package may have to be made according to program guidelines.
- If you are a recipient of a full-tuition award from the University of Dallas and also receive an award from an outside source, reduction of the University's full-tuition award will be made in accordance with organization requirements. It is university policy to reduce full tuition awards to avoid placing an added tax burden on you and your family. If the total award amount from all sources is greater than the total cost of attendance, the difference will be taxed by the government as income.
- If you receive financial aid funds from the University of Dallas and subsequently withdraw or terminate your enrollment for any reason during the award period, you may be required to repay all or part of the aid you received that semester. An evaluation will determine if you qualify for a tuition refund or if you will be required to return to the University all or part of the aid you have already received.
Unlike grants, loans from any source must be repaid at some point. Most federal loan programs offer low interest and/or deferred interest payments. Most do not require re-payment of the principle and accrued interest until you graduate or cease to be enrolled at least half-time.
Subsidized and Unsubsidized Federal Loans
The loan limit for Federal Stafford Loans is $20,500 per academic year. The maximum amount of loans that a student can receive over the course of higher education is $138,500.
Subsidized and unsubsidized loans are low-interest loans that help eligible students pay for their education. This program enables you to borrow directly from the federal government. You must be enrolled at least half-time (6 hours) to be eligible. The loan amounts are determined by the results of the FAFSA. Repayment on subsidized and unsubsidized loans begins six months after you are no longer enrolled at least half-time or leave school completely. The current rate is 6.21% fixed for both subsidized and unsubsidized loans but can be adjusted every July per federal guidelines (affecting new loans certified after July 1st of that year). The rate is capped at 8.25%.
The interest starts to accrue on Federal Unsubsidized Loans as soon as the first disbursement is released. The interest must be paid by you during enrollment periods. You may defer interest payments on the unsubsidized loans as long as you continue to be enrolled at the University at least half-time.
If you are borrowing loans at the University of Dallas for the first time, and if you accept an unsubsidized loan, you must complete a Master Promissory Note (MPN) and graduate-level Entrance Counseling. Complete both at www.StudentLoans.gov for the Direct Loan program. If you are a continuing student at the University who participated in the Federal Direct Loan program during a previous academic year, you do not have to complete an additional MPN or Entrance Counseling.
The financial aid process is complete once a student (1) accepts what aid he wants to receive, (2) completes an MPN with the Direct loans, (3) completes Direct Loan Entrance Counseling and any other requested documentation.
The Office of Financial Aid will process accepted aid so Student Account Services (SAS) can see pending (or anticipated) financial aid for an upcoming term. It is the student’s responsibility to make sure all charges are covered with SAS. The Office of Financial Aid will refer all questions regarding a balance, charges, and account holds to SAS.
If loan disbursements will be delayed due to course start dates, but loans will cover the student’s balance, additional payment is not required. If a student’s eligibility changes, and the loans are no longer expected to pay, or additional charges exceed financial aid, then payment will be required.
Graduate Plus Loan
With the Federal Graduate Plus Loan, you can borrow up to the full cost of your education, including tuition and fees, books and supplies, transportation, and living allowance, less other aid received. You must be enrolled at least half-time (6 hours) and have exhausted your federal loan eligibility to apply. Approval is credit-based. The interest rate is 6.41% fixed, and like an unsubsidized loan, always accrues interest. You may apply for this loan online at www.StudentLoans.gov.
The Tuition Equalization Grant (TEG) is a need-based grant funded by the state for Texas residents attending private colleges including the University of Dallas. Unlike a loan, this does not have to be repaid. Eligibility is determined by the FAFSA and by additional requirements of the Texas Higher Education Coordinating Board, which may include, but are not limited to:
major course of study
total family income
maintaining satisfactory academic progress (including a 2.500 cumulative GPA minimum)
The availability of this award is subject to funding by the state of Texas.
To be considered for a Tuition Equalization Grant in the next academic year, you must:
Submit a completed FAFSA with demonstrated need, AND
Have a minimum cumulative GPA of 2.500, AND
Have earned 18 hours (graduate) between September and August of the previous academic year.
Visit the TEG website here.