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Federally Funded Student Loans
Temporary Suspension of Student Loans
Because Firstmark Credit Union is member-owned and not-for-profit, our operations are guided by what is in the best interest of our membership as a whole. This means we are able to offer better rates to members and make less profit than a bank that is owned by stockholders. However, we cannot prudently offer products at a financial loss. In the past, the government set rates for student loans which were fair for students and for lenders to receive adequate compensation for their work and use of their funds.
Unfortunately, this is not presently the case. Originating student loans is now an unprofitable business due to recent federal legislative changes affecting guaranteed student loans. Because of these legislative changes, Firstmark Credit Union and other large student loan lenders, have decided to cease originating guaranteed student loans. This is not a decision we make lightly, and Credit Union Management will monitor future legislative changes to determine any future changes to the student loan program. If changes occur that will make it possible for us to offer student loans without a financial loss, we will again offer and originate student loans.
Effective June 1, 2008 Firstmark Credit Union will no longer accept any new FFELP student loan applications. Any loans originated prior to June 1, 2008 and scheduled for disbursement will be honored and disbursed according to the original disclosure statement. We appreciate your understanding in this matter
Panhandle Plains Student
Loan Center will service all existing student loans.
You may reach Panhandle Plains Student Loan Center by phone at (800) 736-5727 or by clicking on the following link:
Student Loan Online Account Access
Other Useful Links:
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