Loan FAQs

Q: Does the Franklin Lindsay program seek to profit from its operations?
A: No. This is a nonprofit foundation dedicated to assisting students of Texas in their pursuit of higher education. The program has assisted thousands of undergraduate and graduate students in Texas since 1958.

Q: Is there an application fee?
A: No, there is no application fee.

Q: Will interest accrue while I am in school?
A: Your student loan will be non-interest bearing while you are attending a Texas based College or University and maintaining the following terms and conditions:

  1. You must maintain full time status, 12 hours for undergraduate studies, and 9 hours for graduate studies.
  2. You must maintain the minimum grade point average of 2.0 for undergraduate studies, and 3.0 for graduate studies.
  3. You must send a transcript at the end of each semester to JPMorgan Chase Bank, N.A. as well as registration information at the beginning of each semester.
  4. You must be attending a Texas based College or University that has been accredited by the Commission on Colleges of the Southern Association of Colleges and Schools.
  5. Interest begins accruing on the first day of the fourth month after leaving school.

Q: What is the interest rate while in repayment?
A: The current Interest rate is a 3% fixed rate.

Q: When do I have to pay back my loan?
A: On the first day of the fourth month after you stop attending school interest will begin accruing and all of your student loans from the Franklin Lindsay Student Aid Fund will be consolidated. You may pay off the loan in full at this time or begin making installments payments. All student loans must be paid in full within 10 years of leaving school.

Q: How do I renew my loan?
A: Each spring you will need to submit a completed renewal application to your committee member. While you have until June 1st to complete the renewal process, we recommend you complete this process as soon as possible because funds are limited.

Q: Will medical school residency constitute full time status needed to keep the interest and payments deferred on this loan?
A: No, the loan payments and interest are not deferred during medical residency.