NEW! We now offer Online
PLUS Loan Pre-Approval.
If you have questions, please visit our PLUS
Loan FAQ page.
What happens if I drop below Full Time (FT)? I am
attending school at least Half-Time (HT).
If you are a Stafford Loan borrower and drop below FT,
but remain at least HT, you do not need to request an In-School Deferment.
Of course, it’s always a good idea to contact your servicer to verify
your enrollment has been reported correctly. You can also verify your
in-school status using Online Account Access.
Just look for your Loan Status on the Account Summary or Loan Detail screens.
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What happens if I drop below Half Time (HT) or Withdraw
from school?
If you are a Stafford loan borrower and drop below HT
or withdraw from school, you will no longer be continuously enrolled.
Your grace period begins on the day you drop below HT and ends six months
from that date.
If you enroll in school at least HT during your grace
period, you will return to a continuously enrolled status and your grace
period will be renewed. We recommend you contact your servicer to verify
your enrollment has been reported correctly. You can also verify your
in-school status using Online Account Access.
Just look for your Loan Status on the Account Summary or Loan Detail screens.
If you do not enroll at least HT before your grace period
ends, your loan will be put into repayment at the end of the grace period.
Once repayment begins, it is your responsibility to request an In-School
Deferment every semester you enroll. You can download any of the deferment
forms by going to our "Download Page".
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How do I obtain an Enrollment Verification (EV)?
Contact your school's registrar or financial aid office.
Once an EV has been requested, contact your servicer within two (2) weeks
to verify the EV has been received. You can also verify this information
using Online Account Access. Just look for
your Loan Status on the Account Summary or Loan Detail screens.
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Do I have any options to delay or postpone payment?
PPSLC offers several options to delay or postpone repayment.
Deferments - If
you qualify, and provide the documentation required, you're always entitled
to a deferment. Deferment forms can be downloaded
from this web site.
Forbearances -
These are offered at the lender’s discretion — you must demonstrate financial
hardship. There's usually a maximum amount of forbearance time a lender
or servicer will allow. Click here to request a forbearance
form
Return the completed paperwork to our office by fax
(806) 655-7765 or mail, P.O. Box 839, Canyon, TX 79015. After allowing
adequate time for us to receive and process your deferment or forbearance
forms, you may check on the status of your account by calling our customer
service department at 800-736-5727 or by using the Online
Account Access feature of this web site.
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I lost my job. Now, what do I do?
You can download the unemployment deferment form from
our "Download page". Return the completed
deferment form to our office by fax (806) 655-7765 or mail, P.O. Box 839,
Canyon, TX 79015. Click here or more information on deferments
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How will late payments affect my credit?
PPSLC reports all delinquent accounts to national credit
bureaus at 60 days past due. The delinquency will be reported monthly
until the account is brought current or defaults. At 270 days past due,
the account is reported as a default. The default appears on your credit
history for seven (7) years.
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I can’t afford my monthly payments.
Panhandle-Plains
Student Loan Center offers several options if you are having difficulty
making your monthly payments.
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I am disabled and can't work. What can I do?
Some borrowers are eligible for a Temporary Total Disability
Deferment if they are unable to work or attend school for a period of
at least 60 days. All borrowers who become permanently disabled are eligible
for loan discharge. If you are temporarily totally disabled you can download
the form from this web site. If you are permanently totally disabled,
you can request the necessary form from Texas Guaranteed Student Loan
Corporation (TGSLC) by calling 1-800-252-9743 ext 4444.
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What happens if I default?
If you default, the default appears on your credit history
— and it doesn’t go away for seven (7) long years. You may find it difficult
to buy a car, your first home, or obtain credit elsewhere. If you’re having
trouble making your payments, call your servicer. You may be eligible
for options to lower or defer (postpone) your payments.
It may not be too late, though, to restore some of your
good credit history — even after you’ve defaulted on your student loan
— if you contact your servicer. You can make satisfactory payment arrangements
with the servicer to have the default claim brought back from the Guaranty
Agency. Your credit history will still show a default. However, if satisfactory
payment arrangements are made, your credit history will show a "current"
rating on an account that had previously defaulted.
Click here for more information
about the consequences of defaulting on your student loan...
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Can I make payments during a forbearance?
Yes. Any payments you make during your forbearance period
will be applied to your account.
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Who is Texas Guaranteed Student Loan Corporation?
Texas Guaranteed Student Loan Corp (TGSLC) is a public,
nonprofit corporation that administers the Federal Family Education Loan
Program in Texas. TGSLC has a thorough default prevention program. TGSLC
contacts borrowers when their accounts become past-due. They encourage
borrowers to contact their servicers for assistance in meeting their repayment
obligation. This assistance could be in the form of a deferment,
a forbearance, or an alternative
repayment schedule. To go to TG's web site...
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I received a letter stating my loan had been purchased/sold?
What does this mean?
It's not unusual (in fact, it's standard business practice)
for lenders to sell guaranteed student loans to a secondary market. One
reason lenders choose to sell loans is to free up funds to make additional
student loans. When this transaction takes place, the secondary market
entity becomes the holder of the loan instead of the original lender.
The holder of the loan owns the right and title of the promissory note
until the loan has been paid in full. The borrower then makes monthly
loan payments to the holder instead of the original lender.
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