Need CASH for College? Let Shell FCU help.

Educational Loans for Students & Parents

Shell Federal Credit Union offers a variety of Student Loans through Panhandle-Plains Higher Education Authority, Inc., a Texas non-profit secondary market. For specific questions regarding applying for financial aid, you should contact the staff of the financial aid office at the school the student will be attending.

Applying for financial aid doesn't have to be complicated. Let Shell Federal Credit Union help you through the process. Learn How to Apply for Federal Financial Aid.

Types of Student Loans Federal Family Education Loan Program

Subsidized Federal Stafford Loan - A loan eligible for interest paid by the federal government. The federal government pays interest that accrues on subsidized loans during the student's in school, grace, authorized deferment, and (if applicable) post-deferment grace periods, if the loan meets certain eligibility requirements.

Unsubsidized Federal Stafford Loan - A non-need-based loan such as an unsubsidized Federal Stafford loan or PLUS loan. The borrower is responsible for paying the interest on an unsubsidized loan during in-school, grace and deferment periods, in addition to the repayment periods.

Federal PLUS Program - The Federal PLUS (Parent Loans for Undergraduate Students) Program makes loans available to parents of dependent students. All borrowers under the Federal PLUS Program must use the loan funds received solely to pay educational costs.

After selecting a school, a student must apply for admission and be accepted. If financial aid is needed, you can follow the process outlined below.

1. Complete the FAFSA. Complete the Free Application for Federal Student Aid (FAFSA) for each academic year in which you would like to receive federal aid. The FAFSA can be accessed here on our website, can be obtained from the local library, your high school guidance counselor, a college financial aid office, or by calling 1-800-4FEDAID. The FAFSA is also available from the Department of Education's website at  www.fafsa.ed.gov. To make it easier to complete online, print out the Application Worksheet. FAFSAs are accepted and processed after January 1 of the year in which you plan to attend school. Be sure to indicate that you want to be considered for a student loan by answering "yes" to that question on the FAFSA.

2. Receive your SAR. Once your FAFSA is processed, A Student Aid Report (SAR) is created. One copy is sent to you in the mail and electronic copies are sent to all the schools you listed on the FAFSA. If you filed a paper FAFSA, allow 6-8 weeks to receive your SAR. If you filed an electronic FAFSA over the internet, allow 1-2 weeks to receive your SAR.

3. Receive your Award Letter. The school(s) use data from your SAR to determine your financial aid award for the current academic year and sends you an award letter by email or US Mail. Pay particularly close attention to the type of federal loan(s) noted in your award letter. If there is mention of the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.

4. Complete the Federal Stafford Loan Application - Master Promissory Note (MPN). When completing the MPN, be sure to write the name of your school (please do not abbreviate the name of the school, i.e., U of C), city and state, and school code (if known), in the upper right-hand corner of the MPN. After the MPN is completed, make a copy for your records and mail the original to Shell Federal Credit Union, P.O. Box 839, Canyon, TX 79015. You are Done!

5. PLUS Loan. If your financial aid award is not sufficient to cover your cost of education, your parents or stepparents can apply for a Federal PLUS Loan - Master Promissory Note (PLUS) if you are a dependent undergraduate student. Or if you are a professional or graduate student, you may be eligible to apply for a PLUS loan. Once the form is completed, make a copy for your records and mail the original to Shell Federal Credit Union, P.O. Box 839, Canyon, TX 79015. For questions, please call 866-358-4537.

Your School will Receive the Funds. Both Stafford and PLUS Loans are guaranteed and serviced by Panhandle-Plains Student Loans Center.  When PPSLC receives the Master Promissory Note from the student and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school. 

Winners announced for the John Garrison scholarship awards for the Class of 2008:

Deer Park High School

Robert DeBorde

Meredith Hicks

Lauren Rice

Rachel Sparks

Second Baptist School

Daniele White

Congratulations! A $2,500 check will be issued to the colleges chosen by these exceptional students. Shell FCU wishes them the best in their academic careers.

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More about scholarships... Since 2000, Shell FCU has awarded scholarships to deserving high school seniors. If you are currently a junior, look for the application on our website in January. Deadlines to submit application, essay and transcripts are mid March each year.

To apply, a student must be a Shell FCU member with a savings account in his/her name with at least a $5 minimum balance.