Look at This Loan

"Tell your mom friends who are still homeschooling about that."

Such was the advice I received from a friend as we were discussing college and how our students are paying for it.

She was telling me about the Texas Be On Time Loan (or BOT).  How had I missed this no interest loan that would be forgiven if a student graduates in 4 years and maintains at least a 3.0 GPA? 

I probably discounted it due to the nature of its name:  loan.  We prefer our students not need to take a loan for undergrad.  However, this loan intrigued me.

What my friend Melanie wants you to know, however, is that this loan requires students to have completed a "Recommended or Distinguished Achievement Program - Advanced High School Program or its equivalent."


In a nutshell, this requires 4 credits of English, 4 credits of Science, 4 credits of Social Studies, 2-3 credits of Foreign Language, plus other required credits.  You can see the required plans here. 

My interpretation of this loan is that it is for serious students who will succeed in college; students who have excelled in high school, but need financial help for college.

Acquiring the needed credits does require  planning for you, the teacher. 

What can you do if your student missed a year of a subject?  Take a college course.  One semester of a college course can count as one credit of high school credit when taken as a dual credit class.

This loan is administered through the Financial Aid office and you do have to qualify for it based on your FAFSA.

However, it is definitely worth looking at.  It also applies to community college and transfer students to a university.

The Texas Be On Time Loan is only for Texas residents or those who qualify for in-state tuition.  

So, now I have told you - just like my friend told me to do.  You have been apprised.

Were you aware of this no interest, forgivable loan?
Does your state have a comparable loan?




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