Texas Guaranteed Student Loan Corporation

Girl with cashMany states have individual corporations or organizations to help resident students navigate the tangled web of financial aid for college. The Texas Guaranteed Student Loan Corporation, or TG, is a non-profit organization built to provide information and resources for students seeking financial aid. TG is not currently a loan provider; however, TG does still administer Federal Family Education Loans (FFEL).

The FFEL Program ceased to administer any new loans after June 30, 2010 as a result of the Health Care and Education Reconciliation Act of 2010. Currently, all new federal loans, or loans funded after July 1, 2010, are now funded by the U.S. Department of Education directly through the William D. Ford Direct Loan Program.

TG as a Loan Guarantor

Before the initiation of the Direct Loan Program, federal student loans were made through a relationship between a third party and the federal government. Private lenders actually provided the funds and companies like TG guaranteed the money, while the federal government subsidized and reinsured the loans. TG reviewed FFEL loan applications and acted as a loan servicer for the loans.

You may still have a loan through the FFEL Program, and your loan may be supported by TG. A loan servicer handles all of the administrative tasks associated with a loan, including customer service and billing. You pay your monthly bills directly to TG in this case, and TG is your point of contact for anything regarding your loan or your repayment options.

Services Offered by TG

TG strives to provide students with the resources necessary to help achieve their educational goals. The TG website is a wealth of information for students, parents, communities, and borrowers alike. Some of the services TG offers include:

Student financial aid can be daunting and confusing, and TG provides much of the necessary information to help you learn how to budget, manage your money successfully, and plan for college financially.

TG also provides a secure web-based account management tool called myTG(SM). It is quick and easy to sign up; all you need is your TG-provided account number and email address, and to create a password. You will then be able to securely access your personal information and manage your account.

If TG is the guarantor of your loan, you will be able to make online one-time payments or set up an automatic electronic payment schedule. With myTG(SM) registration, you will be able to download any of the necessary forms regarding loan forbearance, deferment, or forgiveness. You will also have easy access to the TG Learning Center, once you are registered, which provides services to Texas secondary and post-secondary institutions and some community organizations free of charge. The TG Learning Center offers courses in financial literacy and even offers four courses in Spanish as well as intermediate student loan counseling.

 

Types of Student Loans


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