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State loans may be available through your home state, while private loans come from banks and lending institutions. Both can assist with  your educational costs when federal aid isn't enough. Learn about eligibility, application steps, and timing for Texas state loans and private loans. 

How do I apply for a private loan?

1. Research and choose a lender: Each lending institution is different, ��Ʒ������ highly encourages reviewing and comparing loan terms carefully, including interest rates, repayment options, and benefits. You can apply with any bank or lender that meets your private loan needs. If you are not sure where to start in your search, feel free to use this helpful resource from our partner ELMSelect to .*
2. Apply with your chosen lender: The borrower will submit the loan application and a credit review will be performed by the lender. If the borrower has an adverse credit history, they may need a credit approved cosigner.
3. Loan certification: ��Ʒ������ will review the lender-approved amount, determine the loan amount that can be certified for the year or desired loan period after taking into consideration the student's Cost of Attendance and other aid received, and send the certification information back to the lender. Students are responsible for responding to any questions Financial Aid Services may have regarding their private loan request.**
4. Final loan approval: Once certification is complete, the lender will send the borrower a Loan Approval Disclosure (LAD) containing the finalized terms of the loan. This disclosure document can be reviewed through the lender's website and electronically accepted.

*The Higher Education Opportunity Act of 2008 prohibits schools from recommending or advising students or their families on lender selection. However, ��Ʒ������ conducts a public, open request for information (RFI) and utilizes a neutral comparison tool called ELM Select to compile a list of private lenders offering educational loans.

**Even if you're approved for a certain amount, ��Ʒ������ may need to certify a lesser amount based on your Cost of Attendance and other financial aid received.

Am I able to apply for a College Access Loan (CAL)?

Yes, if you are a Texas resident. If you are unsure whether you meet the requirements for residency, please contact Student Financial Services at fa.verification@mail.smu.edu for information and instructions.

PLEASE NOTE: Beginning September 16^th, the Texas Higher Education Coordinating Board (THECB) will be upgrading their online loan portal.  The last day for an applicant or cosigner to submit a College Access Loan or FORWARD Loan application in the current portal is September 15, 2026. Following September 15^th, new applications will not be accepted.  The upgraded portal is expected to launch on October 22, 2026, at which point application submissions may resume.  For more information, please review .  

What are the rates for a CAL Loan?

The CAL Loan has a 6.30% interest rate and no origination fees. The loan offers flexible repayment options and grace periods, though it might require a cosigner.

How do I apply for a CAL Loan?

1. Apply through the (THECB)
2. THECB will review for credit purposes, and if credit requirements are met, a certification request will be sent to ��Ʒ������.*
3. ��Ʒ������ will submit the certification information to THECB.
4. Complete the TX Core Residency Questionnaire either online submitting the paper copy of the State of Texas Residency Affidavit.
5. Once the certification information has been reviewed, THECB will notify ��Ʒ������ if the loan is approved and for what amount.**
6. If approved, sign your Loan Approval Disclosure (LAD):
   • Online if you applied with your Texas driver’s license
   • By mail if you didn’t use your Texas driver's license

   • PLEASE NOTE: Beginning September 16^th, the Texas Higher Education Coordinating Board (THECB) will be upgrading their online loan portal.  The last day for an applicant to accept their Loan Approval Disclosure (LAD) for a pending College Access Loan or FORWARD Loan is October 9, 2026. If the LAD is not accepted by this date, the pending College Access Loan or FORWARD Loan application will be cancelled, and a new application will need to be submitted when the upgraded portal launches on October 22, 2026.  For more information, please review . 

*Even if you pass the credit requirements, this does not mean you have been approved for the loan. The loan decision and approved loan amount will not be decided until THECB receives certification information from ��Ʒ������.

**It is possible THECB will approve the loan at a lesser amount than what was requested. For example, a student may request $20,000, but THECB may only approve $10,000. This is based on THECB's manageable debt calculations. Should a loan not be approved or THECB approves an amount that is less than what was requested, ��Ʒ������ will notify the student via their ��Ʒ������ e-mail address.

How long does it take to receive funds?

Before disbursement of any private loan funds can occur, certification must be completed. Generally, you will complete this form through your lender as part of the application process. If your lender does not provide this certification, and you should need to submit a self-certification form, a link to the form may be found in our Forms Library.

Federal law mandates that a lender hold loan funds for a right-to-cancel period of 11 business days prior to releasing them to the educational institution. 

• The Texas Higher Education Coordinating Board starts the 11-business-day period after the Loan Approval Disclosure (LAD) has been signed and submitted.
• Private lenders begin at varying times depending on their in-house policies.

Students are responsible for answering any questions from Financial Aid Services regarding their private loan request, and for submitting their LAD.

Assuming there are no delays, both state and private loan programs take approximately 3-4 weeks from credit approval to disbursement of funds.

Once the right-to-cancel period ends and the funds are released to ��Ʒ������, it typically takes 1 business day for the funds to be posted to your student account.