Herring Bank Online > Student Loans

Herring Bank Education Loans help you plan and pay for college with low-cost student loans and financial aid information for high school, undergraduate, graduate students, and parents.

 Federal Stafford Unsubsidized

• Choose to either pay the interest while in school or have it capitalized onto the principal at repayment.
• All payments are DEFERRED on the Stafford Subsidized and Unsubsidized while the student is enrolled at-least half-time status.
• 6-month grace period before the first payment.
• Maximum repayment term is 10 years with a payment of at least $50.00 per month.

 Federal PLUS (Parent) Loans

• The interest rate is fixed by the U.S. Dept of Education at 8.5%.
• Available for the parent or guardian of the eligible student.
• Contingent upon a credit check approval of that Parent or Guardian.
• Repayment begins after the final disbursement for the year, with a payment of at least $50.00 per month, and a maximum repayment term of ten years.

Grad-Plus Loan:
Graduates, with approved credit, can now borrow additional loan funds, up to the school's graduate financial-need limit, through the new Federal Grad-Plus Program. For pre-approval please visit the web at http://www.ppslc.com and choose Herring Bank as your lender choice.

 Apply for a Federal Stafford Loan

·         Complete the Free Application for Federal Student Aid (FAFSA) submit the on-line application to http://www.fafsa.ed.gov.

·         Complete the Federal Stafford Student Loan Promissory Note and mail to Herring Bank.

·         Select the Herring Bank, ID # 810895, as your lender,with the financial aid office. All proceeds are sent to the school either by EFT (electronic funds transfer) or by check.

Herring Bank also offers the option of signing your note electronically: E-signature. Your school must participate in the Loans-By-Web process offered by Texas Guaranteed Student Loan Corporation (TGSLC) https://lbw.tgslc.org. You must use your Department of Education - Personal Identification Number (PIN) to electronically sign the note, and you can request your PIN# at http://www.pin.ed.gov.

You may print a copy of the MPN for your records or request an additional copy by mail.

FORMS: Federal Family Education Loan Program forms, including Parent and Student Promissory Notes, are available for your downloading convenience. Just click the link to access the form you need: http://www.tgslc.org/forms/

 Turnaround Time

The turnaround time for funding is normally 1-3 days.
First time borrowers can also complete your entrance counseling (required by most schools) at http://www.mapping-your-future.org.

Would you like a representative to call and help you through the process? If so, simply email us and our office will contact you - or contact us at the telephone numbers listed below. *Also, if you move, change your phone number, or drop below half-time enrollment, please notify the financial aid office and Herring Bank.

 Calculators

Adventures-In-Education (AIE) provides helpful calculators at http://www.adventuresineducation.org/Calculators/index.cfm, which are designed to help determine the costs associated with higher education including:

·          Estimated Family Contribution (EFC) Calculator

·          Loan Calculator

·          Graduation Planning Calculator

·          Net Earnings Calculator

·          In School Budget Worksheet

·          Out of School Budget Worksheet

AIE is a free public service of Texas Guaranteed Student Loan Corporation-TGSLC.)

Default Prevention

The good news about preventing default is that it can usually be avoided.

Strategies for avoiding default:

Before taking out a student loan you should investigate all of the options that are available to help pay your educational expenses and borrow only the amount you need.

Other options include, help from parents or relatives, summer savings, cooperative education programs, and part-time jobs.  In addition you may be eligible for grant, scholarship, or work-study funds.

After taking out a student loan you should be sure to make your loan payments on time. Also, do not forget to notify us of any change of address.

Finally, be sure to make contact immediately if you have problems making your loan payments. We may be able to provide other options.

For more information and other helpful repayment options please visit:

·          http://www.ppslc.com/default_prevention.php

·          http://www.aie.org/College/Paying/Earning/Repayment/index.cfm

·          http://www.tgslc.org/borrowers/repay/index.cfm

 Contact

studentloans@herringbank.com [This link will open your default email application]

Help manage your loans with a link to Texas Guaranteed's Student/Parent Loan Inquiry called "Adventures in Education"

http://www.adventuresineducation.org

Herring Bank
10th & Harrison Amarillo 806. 337.1340
Toll Free 888.687.9753
P.O. Box 50488 Amarillo, TX 79159