A Prior Term Loan (PTL) is a way for students to address a prior term balance based on the promise of current term aid that is in excess of the actual or estimated charges for the current term. This process allows for the student to repay the Prior Term Loan using the proceeds of the current term refund.
If the student's prior term balance exceeds that of their estimated refund, the student will be given the option to pay the difference utilizing certified funds.
Students may utilize the PTL a maximum of three times throughout their tenure at Texas Tech University, unless their fourth or more term is their term of graduation.
The PTL will be available prior to the first class day of the term. A student who is not seeking to be enrolled prior to the first census date of the term (12th class day for Fall/Spring or 4th class day for summer) is not eligible.
When the student's financial aid is disbursed and refunded, they will have 5 business days from the point the refund is processed to repay the PTL to the Financial Resolution's Office.
If the student fails to repay the loan in full, within the 5 business day time-frame, Student Business Services will process a cancellation for the current term registration. Registration/reinstatement will only be allowed once the balance is paid in full; the student's original schedule is not guaranteed.
Students will be required to sign a PTL Promissory note and repayment agreement. Setting up My Direct Deposit is strongly encouraged to allow for the delivery of funds within a timely manner and will make the repayment of the PTL more efficient. Students will receive an email notification at their @ttu.edu email address on the date their refund is issued informing them that their refund has been issued and will include the PTL repayment link with instructions to make payment.
Students who wish to apply for a PTL may contact the Financial Resolutions Office in person at Room 301, West Hall, by phone at 806.742.3214 or via the PTL Service Questions link. The Financial Resolutions team will review the student's current term charges and available aid to make a determination of the eligibility for the PTL.
Eligibility Requirements:
- Cannot be placed with an external agency
- Cannot have any outstanding dishonored/returned payments
- Cannot have any defaulted prior term loans
- Cannot have any unpaid book loans