Catalog of Howard Payne University, 1983-1984 Page: 35
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Financial Information
Eligible students may receive up to $2,000 per academic year, depending
upon the availability of funds. Grants are made for one year only, and
students must reapply in order that the institution can determine whether or
not a subsequent grant can be made.
Tuition Equalization Grants (TEG): Tuition Equalization Grants were
authorized by Texas Senate Bill No. 56, Sixty-second Legislature, Regular Session,
1971, to provide grants to Texas residents enrolled in approved private
Texas colleges and universities. These grants help to equalize the tuition cost
between private and public schools and the intent that students will be encouraged
to enroll in private colleges to maximize the utilization of existing
college and university facilities. Grants are based on financial need.
State Student Incentive Grants (SSIG): This grant is awarded as a matching
grant. It must match the Tuition Equalization Grant (TEG) exactly and has the
same requirements for eligibility.
Federal and State Loan Programs
National Direct Student Loans (NDSL): This Program, formerly known as
the National Defense Student Loan Program, was authorized by the enactment
of Public Law 92-318 under the Educational Amendments of 1972.
Loans may be made to eligible students in any combination not to exceed
$3,000 in the first two years of undergraduate study and not exceed $6,000 for
all undergraduate work.
There are certain cancellation benefits to borrowers who perform teaching
service to the physically and/or mentally handicapped, as well as those
employed in designated schools located in low socio-economic areas. Also,
some cancellation benefits are provided for combat veterans who have borrowed
from the NDSL fund.
Borrowers begin repayment of their loans after a period of six months
following graduation, termination, or after ceasing to be at least a half-time
student. Minimum monthly payments of $30 are required. All NDSL loans
carry an interest rate of 5 percent simple interest per annum on the unpaid
balance.
Guaranteed Student Loan (GSL): The Guaranteed Student Loan program
was authorized by Title IV of the Higher Education Act of 1965. The purpose
of the GSL program is to make long-term, low interest loans available to
students to help them meet the costs of postsecondary education. Loan capital
is supplied primarily by commerical lenders, although funds are provided by
some state agencies.
The most recent amendments to the GSL program appeared in the Education
Amendments of 1980 and the Omnibus Budget Reconciliation Act of
1981. Effective October 1, 1981 students who apply for the GSL must report
the family's adjusted gross income. If the family's adjusted gross income ex35
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Howard Payne University. Catalog of Howard Payne University, 1983-1984, book, June 1983; Brownwood, Texas. (https://texashistory.unt.edu/ark:/67531/metapth46527/m1/37/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Howard Payne University Library.