Lenders: The lenders are banks, credit unions, savings and loan institutions, and insurance companies who participate in FFELP are eligible to provide funds for federally sponsored education loans. The lender is the holder of the loan. Your lender may sell your loan to a secondary market; however, the terms and conditions of your loan remain the same.
Servicer: The Servicers are institutions contracted by lenders to perform loan origination, due diligence, and/or collection and reporting functions on student loan portfolios for lenders. Servicers administer loans on behalf of lenders and secondary markets.
The TTUHSC Financial Aid Office is committed to providing educational funding options to assist students in pursuing their educational goals and dreams.
Borrowers must select their own lender. You may choose ANY lender that participates in the student loan programs.
Before making the decision to borrow, students and parents should review the following information:
- ·Why select a Federal Loan vs. Private Loans? FinAid!
- ·The lenders on our Lender List are evaluated annually to be considered for inclusion.
- ·TTUHSC does not receive any benefits in exchange for placing a lender on the Lender List.
- ·A student or parent borrower may select any lender and is not restricted to the lenders presented on the TTUHSC Lender List.
- ·A borrower should not be directed to any specific lender by the University.
- ·If you have an outstanding Stafford loan, you are encouraged to select a lender that uses the same servicer.
- ·For information on your prior Stafford Loans, please visit the Texas Guaranteed Student Loan Corporation's Website.
- ·For lender specific borrower benefits, including guarantee and origination fee information, please refer directly to the lender’s website.
- ·A lender may retain the borrower’s promissory note while in school and through the repayment time period, while other lenders may sell the note to a secondary market for repayment. A borrower should contact the lender selected to determine their specific process.
- ·A borrower has the right to cancel their student loan, in part or in full. Notify the TTUHSC Financial Aid Office to make this request.