Interest on Refunds for Cosmetology and Barber Schools

Each year, the Commissioner of Education must set and publish deterrence-level interest rates on refunds for cosmetology and barber schools in accordance with Texas Occupations Code, §1603.3602 and §1603.3604. The 2023 interest rate for refunds under both statutory provisions is 10 percent.

This interest rate is calculated in January each year by adding 5 percent to the federal short-term borrowing rate and rounding to the nearest whole number.