Disclaimer

The Office of Student Financial Aid at Texas Tech University is committed to providing educational funding options to students and parents to fulfill student’s goals and dreams.

Borrowers must choose their own lender. The Texas Tech University Preferred Lender list includes lenders that have been evaluated by the Office of Student Financial Aid at Texas Tech University using criteria we deem appropriate and valuable to consider when borrowing a student loan. You may choose any lender that participates in the Federal Family Education Loan Programs, whether they are included on the Preferred Lender list or not.

Before making the decision to borrow, students and parents should review the following guidelines:

• Lenders are evaluated annually to be included on the Preferred Lender List.
• Texas Tech University does not receive any benefits in exchange for placing a lender on the Preferred Lender List.
• A student or parent borrower may select any lender and is not restricted to the lenders presented on the Texas Tech University Preferred Lender list. A borrower should not be directed to any specific lender by the University.
• A student or parent has the right to cancel their student loan, in part or in full. The request for cancellation must be submitted in writing to the Texas Tech University Student Financial Aid Office.
• 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.
• Alternative Educational Loans should only be considered once borrowers have explored the lower interest rate options available through the Stafford and/or Parent PLUS loan programs.
• Alternative Educational Loans provide additional educational funding options but generally have higher, variable interest rates as well as different repayment terms and options. Potential borrowers should carefully compare all loan terms and conditions.

Federal Family Education Loan Update

The student loan industry has experienced quite a few changes in the last year. Several lenders have made the decision to change their participation in one or more loan programs for various reasons. The levels of participation may vary from temporarily suspending to permanently exiting one or more loan programs (Stafford, PLUS, Consolidation and/or Alternative lending). Students and parents may obtain additional information regarding changes in the student loan industry, lender participation and updates at FinAid.org (http://www.finaid.org/loans/lenderlayoffs.phtml). The Office of Student Financial Aid wants assure you that we remain committed to assisting you with your educational loan needs and continue to provide borrowers with as many choices as possible.