Texas Tech University

Loan Process

  1. Apply for financial aid - Once you complete the FAFSA, the Financial Aid Officewilldetermine student eligibility for financial aid (including loans) and notifies students of their financial aid award.
  2. Review award package on Raiderlink - It is important to make informed decisions and borrow wisely. Scholarships and grants do not need to be repaid. Students are not required to borrow the full amount of loans that have been offered.Understand the ways to pay for education expenses - grants, scholarships, installment payment plan, tuition prepayment plan, and loans. Federal loans offer borrower protections in the form of deferment and forbearance options.
  3. Accept award offers on Raiderlink - Students are required to accept or decline the loans included in their award. Students can choose to accept the full amount offered, or accept a partial amount based on what is needed. Loans in offered status will not be processed or disbursed. Loans that remain in offered status will eventually be cancelled.
  4. Complete loan requirements - Incomplete requirements are displayed in Raiderlink immediately after the loan is accepted. The Loan Office sends weekly reminder emails until all requirements are satisfied. Loan requirements generally include completion of entrance counseling and a promissory note. Some loan programs also include the completion of disclosure notices. All loan requirements may be completed online. Refer to the individual loan pages in this section for additional details.
  5. Need additional funds to cover expenses?- Consider other types of aid. Contact Financial Aid to be certain you have exhausted all of your federal loan eligibility before considering other loans.
  6. Disbursement - Once loans have been accepted and all requirements have been completed, the loan funds will be disbursed (paid) to the student account on the date set for that semester. Loan funds may be disbursed no sooner than 10 days prior to the beginning of the term.If the loan disbursement results in a credit balance on the student account, students may request a refund via direct deposit.
  7. Keep track of borrowing each year - Borrowers can now access their federal student aid history directly on StudentAid.ed.gov.Through StudentAid.ed.gov, borrowers can view their federal student aid history, get their federal servicer's contact information, and download their federal student aid history using the MyData Download function. Borrowers can also get details of institutional loans on Raiderlink.
  8. Complete Exit Counseling before leaving school - Exit Counseling is a mandatory requirement whether you are taking a leave of absence, withdrawing, graduating, or enrolling less than half-time.
  9. Repayment - Loans enter a grace period when you leave school and then enter repayment. Get to know your servicers and set up online access to repay your loans.

Tips & Resources

Financial Awareness Counseling @ StudentLoans.gov
Repayment Calculators @ StudentAid.ed.gov