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Frequently Asked Questions
Loan Repayment Frequently Asked Questions
To whom should I make my check or money order payable? You should make your payment instrument payable to Hinson-Hazlewood College Student Loan Program (HHCSLP). I forgot to send my payment. Can I send it electronically? No. We do not currently offer this method of payment. Did you receive my last payment? You may check your account status by using HHLoans.com and access your account summary or you may contact an account representative at 1-800-242-3062 (Outside the Austin area) or at 512-427-6340 (Inside the Austin area). Do you offer Payment-by-phone? Automated Draft? You can now make your monthly payments via our Payment-by-Phone service. To make a payment, please contact a representative at 1-800-242-3062. We are not offering a Automated Draft nor are we able to accept Electronic Funds Transfers (EFT) at this time. I don't have a payment coupon. How can I make my payment or order another set of payment coupons? You may submit payments by including your full name and social security number. Please indicate to which loan portfolio your payment should be applied. This will ensure proper credit is given to your account. You may submit a request for payment coupons by proceeding to our Lightning Fast Loan/Account Information section and accessing our Coupon Requests page or you may call us toll-free at 1-800-242-3062 (Outside the Austin area) or at 512-427-6340 (Inside the Austin area). How will my late payments affect my credit? Once your account is placed into a repayment status, your account status is reported monthly to the credit bureaus with whom we subscribe. I can't afford to make my monthly payments? What can I do? Hinson-Hazlewood offers a variety of repayment options to assist you in repaying your student loans. Repayment options available include Graduated Repayment plan, Income-Sensitive Repayment plan, and Forbearance (a temporary reduction or cessation of your regularly scheduled payments). You may contact an account representative to discuss which plan best meets your personal needs. Can I make payments while my account is in a deferment or forbearance status? Yes. While no payments are required during periods of deferment or forbearance, any payments received will be applied to your account. What if I want to start paying before I graduate? Payments are not required while a borrower is in interim status (the period before graduation and no loss of your grace period). However, any payments received during this period to will be applied to your account. Please include your full name and social security number to ensure proper credit is given to your loan. You should designate to which portfolio your payment should be applied. What is my grace period? I thought I did not have to start paying until six (or nine) months after I graduated? A borrower is entitled to a grace period, which is a period of time that payments are not required. The grace period begins the day after a borrower ceases to be continuously enrolled as at least a half-time student at an eligible school and lasts for six months. Your account is scheduled placed in a repayment status following the expiration of your grace period. How do I obtain an In-School deferment? To obtain an In-School deferment, you download an In-School deferment form. To determine if you are eligible for this deferment, review the eligibility criteria. In the appropriate spaces, include your social security number, name, address, and telephone number. Check the appropriate box in Section 2 to indicate which type of In-School deferment you are requesting. Be sure to sign and date the form at the end of Section 3. The registrar or an authorized official in your institution's financial aid office must provide the enrollment certificate required in Section 4. Mail or fax the completed request form to our office. You should expect a response to your request within three weeks after it is received. Do I have any options for delaying or postponing my loan payments? Yes. You may request a deferment or forbearance. To determine which type deferment you may be eligible for, review the list of available deferments on HHLoans.com. If you find you meet the criteria for any specific deferment, download the appropriate form and follow the directions for submitting your request. Forbearance is extended at the discretion of the lender. To apply for forbearance, download the appropriate form and follow the directions noted on the form. Keep in mind you are responsible for payments as scheduled until your postponement request is approved. I lost my job. What can I do? You may be eligible for an Unemployment deferment. To determine if you are eligible for an Unemployment deferment, download the deferment form and review the eligibility criteria. In the appropriate spaces, include your social security number, name, address, and telephone number. Include all information required in Section 2. Be sure to sign and date the form at the end of Section 3 before mailing it to our office. Requests received without all required information are returned for completion. I am disabled and can't work. Do I have any options? A borrower temporarily and totally disabled has the option of requesting a deferment based on his/her condition. To determine if you are eligible, please review the eligibility criteria. If you believe you meet the requirements for deferment, download and complete the form. Consideration for total or partial cancellation of your loan may also be extended based on total and permanent disability. To receive information regarding this option, please contact an account representative at 1-800-242-3062 (Outside the Austin area) or at 512-427-6340 (Inside the Austin area). What happens if my loan defaults? The consequences for default are severe. They include, but are not limited to, the following: you and your payment guarantor(s) can be sued for the entire debt owed, the default may be reported to national credit bureaus, you may not be able to gain access to your academic records or enroll in school, the Federal government may withhold any income tax refunds you may be due, the State of Texas may withhold any reimbursements you may be due (excluding regular pay and retirement benefits), you can become ineligible for any Federal Title IV student aid or state assistance (unless you make arrangements to pay what you already owe), you will be liable for costs associated with collecting your loan, including court costs and attorney fees, and you may not be able to receive or renew a professional license. Why is my payoff balance higher than my current balance? The payoff balance is higher than your current balance because interest accrues to the unpaid principal balance until the account is paid in full. Is my loan eligible for consolidation? We do not initiate loan consolidation. However, if you wish to consolidate your loans with another lender, you should contact that lender directly. A list of consolidation lenders can be accessed here. How are payments applied to my account? There are several types of loans administered through the Hinson-Hazlewood College Student Loan Program. The guidelines governing these loan programs vary by portfolio. Please contact an Account Representative for more information What is a variable interest rate and how does it affect my repayment? A variable interest rate is subject to change on July 1st of each calendar year, according to methods prescribed by the U. S. Department of Education. If you have a variable interest rate loan and questions regarding the effect to your repayment, please contact an Account Representative. What is Texas Guaranteed Student Loan Corporation? Texas Guaranteed Student Loan Corporation (TGSLC) is the payment guarantor for various Federal Family Education Loan Program (FFELP) loans originating in Texas. How can I contact someone if I have additional questions about my loans? For more information regarding your loans, you may contact us by phone at (800) 242-3062 (Outside the Austin area) or at 512-427-6340 (Inside the Austin area), by mail at PO Box 12788, Austin, TX 78711-2788, or e-mail at: loanrepay@hhloans.com. I found errors on my credit report. How can I get this corrected? You may submit a dispute request to the credit agency reporting any information with which you disagree with or you may submit a copy of your credit report to our office along with a letter requesting review of any entries in question on the report. I have defaulted on my loan. Will you settle for a lower amount than the payoff balance? Can you "write-off" my loan? The Hinson-Hazlewood College Student Loan Program does not compromise repayment of the balance owed on your loan. Borrowers are responsible for repayment of the principal amount borrowed, interest accrued through the date the loan is paid in full, along with any other applicable charges; these may include late fees and/or collection costs. If your loan is in default, please contact our office. I heard about loan forgiveness programs. What programs are available to help me with the repayment of these loans? Loan forgiveness programs provide money to individuals who sign contracts or agreements to perform certain work or services after completing college. For more information on loan forgiveness programs offered through the Texas Higher Education Coordinating Board, click here. A person submitting misleading or fraudulent information to the Texas Higher Education Coordinating Board in an attempt to obtain financial aid is subject to criminal prosecution. Please contact the Fraud Hotline to report suspected fraud. |
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