Federally Funded Student Loans

Firstmark Credit Union Has You Covered From Start to Finish:

Enjoy ZERO Origination Fees on all Stafford loans first disbursed on or after September 1st, 2006.

• 2% interest rate reduction after 36 months of on-time payments
• .25% interest rate reduction when you pay with an automatic draft from your checking or savings account.
• As a bonus, we will forgive up to the last $500 of your account balance with qualified on-time payments during the life of the loan.

Federal Family Education Loan Program (FFELP)

Panhandle Plains Student Loan Center will be servicing your student loans. You may reach them by phone at (800) 736-5727 or by clicking on the link above.

Firstmark Credit Union offers the following student loans in accordance with the Federal Family Education Loan Program (FFELP):

Stafford - Are either subsidized or unsubsidized. You can receive a subsidized loan and an unsubsidized loan for the same enrollment period if the school approves you.

Subsidized Loan - Is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during these periods.

Unsubsidized Stafford - Is not awarded on the basis of need. The government does not pay the interest, the student is responsible for all the interest from the time the loan is disbursed. Students have the options to pay interest or defer it until repayment is required.

Parent Plus Loan - Is a loan your parents can receive to pay for your educational expenses if you are a dependent undergraduate enrolled at least half time. Repayment begins immediately with an option to defer payment if necessary. Call for details.

Graduate Plus Loan - Gives graduate students and professional students an alternative to private student loans with a fixed rate of 8.5% rather than an alternative student loan at a variable rate. Repayment on this loan does not begin until after the student graduates or drops below half time.

When applying for student financial aid, the first step is to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA form may be obtained from any college/ university participating in the FFELP program and at most high school counselor offices. The form may also be completed on-line at www.fafsa.ed.gov.

After completion of the FAFSA, the school generally notifies the student of financial aid eligibility. At this point the borrower must complete an Application/ Promissory note and choose a lender.

Choose Firstmark Credit Union.
Lender # 823291

After receipt of the Application/Promissory note, the funds will be sent to your school either by Electronic Funds, Transfer (EFT) or by check according to the schools procedure request.

Other Useful Links:

• College for Texans
• Texas Guarantee Student Loan Center
• National Center for Education Statistics