Graduates: About your Award Letter
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.
Federal Direct Loans
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 (4.5 credits).
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
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 (4.5 credits) to be eligible. The loan amounts
are determined by the results of the FAFSA. Repayment on unsubsidized loans begins
six months after you are no longer enrolled at least half-time or leave school completely
(i.e. graduation). 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 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 Loan Agreement (Master
Promissory Note or 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 a loan agreement 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. The Office of Financial
Aid will refer all questions regarding a balance, charges, and account holds to SAS.
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 (4.5 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.
Tuition Equalization Grant (TEG)
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:
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
Visit the TEG website here.