- (a) Minimum Loan Amount. No FORWARD loan may be authorized for less than $100.
- (b) Annual Loan Limit. In no case shall the annual loan amount exceed the difference between the cost of attendance and the financial resources available to the applicant, including the applicant's scholarships, gifts, grants, and other financial aid. The student's maximum eligibility for Federal Direct Loans, except for Federal PLUS loans, must be considered by the institution as other financial aid, whether or not the student actually receives such assistance.
- (c) Aggregate Loan Limit. The maximum aggregate loan amount for any eligible student shall not exceed the student's manageable debt level, as defined in §24.1 of this chapter (relating to Definitions).
- (d) Interest Rate. The interest rate charged for new loans through this program shall be set from time to time by the Commissioner, shall be simple interest, and shall begin to accrue on the outstanding principal from the date of disbursement, including during periods of forbearance.
Source Note:The provisions of this §24.58 adopted to be effective November 13, 2025, 50 TexReg 7279.