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FAQs Student Loans
What is a FAFSA?
How do I know if I qualify for a student loan?
When do I apply for a student loan?
What is the difference between a subsidized and unsubsidized Stafford loan?
What is the MPN?
How will I know how much money I am borrowing?
Where can I get the best interest rate?
When do I start making payments on my loans? Contact a Student Loan Specialist at 800-839-1154 or fill out a contact form. 
What is a FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the required application for federal and/ or state financial aid programs. You can get one from your high school counselor, or college financial aid office, or complete it on-line at http://halecomm01:9992/Rhythmyx/assembler/render?sys_revision=6&sys_siteid=305&sys_authtype=0&sys_context=0&sys_contentid=1050&sys_variantid=683 How do I know if I qualify for a student loan?
Start by submitting your FAFSA. After studying your financial aid application, each school will send you an award letter detailing which aid program(s) you qualify for, such as grants, scholarships and work-study, and the amount of student loans for which you are eligible. When do I apply for a student loan?
You can apply for a loan after you have settled on a school and know what other type of other financial aid you will receive (your school will send you an award letter that gives you a breakdown of available aid). Your school will determine the maximum loan amount you qualify for. On your Master Promissory Note from the college, use TDECU's Lender Code 821362. What is the difference between a subsidized and unsubsidized Stafford loan?
On subsidized Stafford loans, the government pays the interest that accrues while you are in school, or in a grace or authorized deferment period. With unsubsidized loans, you are responsible for paying the interest while in school, or in a grace or authorized deferment period. What is the MPN?
Federal regulations require all students to obtain their Federal Stafford Loans by completing a Master Promissory Note (MPN). It's a multi-year Master Promissory Note you sign with TDECU and Panhandle Plains Student Lending Center, our student loan partner. It may eliminate the need to sign another note each time you borrow on your Stafford loan. Remember to use TDECU’s lender code of 821362. How will I know how much money I am borrowing?
A disclosure statement detailing the loan terms will be sent to you with or before the disbursement of a loan. It will come from Panhandle Plains, our student loan partner. Where can I get the best interest rate?
Rates for subsidized and unsubsidized Stafford student loans are determined and regulated by the federal government. When do I start making payments on my loans?
Repayment usually begins six months after you leave school. Back To Top |
