Texas Guaranteed Student Loan Corporation:
An Inventory of Guaranteed Student Loan Corporation Records at the Texas State Archives, 1980-1999
The Texas Guaranteed Student Loan Corporation (TG) was created in 1979 (House Bill 38, 66th Texas Legislature, Regular Session) as a public, nonprofit corporation to administer the Guaranteed Student Loan Program (later known as the Federal Family Education Loan Program). Although created by the Texas Legislature and subject to legislative oversight, TG is not a state agency and receives no state funds.
In the words of the TG website, "FFELP loans are made through a public/private partnership involving borrowers, schools, lenders, TG, and the federal government. Under the program, schools determine students' and parents' eligibility for loans. Private lenders (such as local banks or credit unions) provide the money for the loans. TG reviews loan applications and guarantees the loans. The federal government subsidizes and reinsures the loans. And the borrower pays back the loans." As the administrator of the loan program, the Texas Guaranteed Student Loan Corporation "guarantees repayment of student loans to private lenders in the event a borrower dies, becomes permanently and totally disabled, has a loan discharged in bankruptcy, or defaults. TG also checks student loan applications for eligibility, monitors loan status, pays claims to lenders if necessary, and conducts compliance reviews of schools participating in the program. In addition, the Corporation shares information about the program with students and schools."
The Corporation is governed by an 11-member Board of Directors. Originally (1979-1989), this consisted of eight appointed by the Governor of Texas with the advice and consent of the senate (three members of the faculty or administration of eligible institutions of higher education, three working in commercial finance, and two members of the general public without a major financial interest in either higher education or commercial finance); one member of the Texas Higher Education Coordinating Board appointed by the chair of that board; one post-secondary student named by the Texas Commissioner of Higher Education; and the Texas Comptroller of Public Accounts as an ex-officio member.
In 1989 (House Bill 715, 71st Texas Legislature, Regular Session) the board was reorganized to consist of 10 members: nine governor appointees (five from the finance industry, three higher education faculty or administators, and one full-time student), plus the comptroller. In 2003 (Senate Bill 287, 78th Texas Legislature, Regular Session) the number of finance industry representatives was reduced to four, for a total of nine members. And in 2005 (House Bill 2274, 79th Texas Legislature, Regular Session) the number of finance industry representatives was raised again to five, and the number of faculty/administator members raised to four, for a total of 11 once again. Appointed members serve six-year terms.
(Sources include: Guide to Texas State Agencies, 11th edition (2001); the organization web site (http://www.tgslc.org/abouttg/overview.cfm), accessed October 2006; and the enabling legislation, 1979, 1989, 2003, 2005.)
The Texas Guaranteed Student Loan Corporation administers the Guaranteed Student Loan Program (later known as the Federal Family Education Loan Program) by guaranteeing repayment of student loans to private lenders in the event a borrower dies, becomes permanently and totally disabled, has a loan discharged in bankruptcy, or defaults; and by checking student loan applications for eligibility, monitoring loan status, paying claims to lenders if necessary, conducting compliance reviews of schools participating in the program, and sharing information about the program with students and schools. These functions are documented in the records. These records include minutes, supporting documentation (quarterly reports, correspondence, memoranda, budgets, investment schedules, committee reports, policies, press releases, printed materials, etc.), brochures, memoranda, conference programs, an organization chart, and a telephone directory. They comprise records of the Texas Guaranteed Student Loan Corporation, especially minutes and supporting documentation, but also other records, dating 1980-1999.
To prepare this inventory, the described materials were cursorily reviewed to delineate series, to confirm the accuracy of contents lists, to provide an estimate of dates covered, and to determine record types.
Restrictions on Access
Because of the possibility that portions of these records fall under Public Information Act exceptions including, but not limited to, social security numbers (V.T.C.A., Government Code, Section 552.147), and personal family information of government employees and officials (V.T.C.A., Government Code, Section 552.117), an archivist must review these records before they can be accessed for research. The records may be requested for research under the provisions of the Public Information Act (V.T.C.A., Government Code, Chapter 552). The researcher may request an interview with an archivist or submit a request by mail (Texas State Library and Archives Commission, P. O. Box 12927, Austin, TX 78711), fax (512-463-5436), email (Dir_Lib@tsl.state.tx.us), or see our web page (http://www.tsl.state.tx.us/agency/customer/pia.html). Include enough description and detail about the information requested to enable the archivist to accurately identify and locate the information. If our review reveals information that may be excepted by the Public Information Act, we are obligated to seek an open records decision from the Attorney General on whether the records can be released. The Public Information Act allows the Archives ten working days after receiving a request to make this determination. The Attorney General has 45 working days to render a decision. Alternately, the Archives can inform you of the nature of the potentially excepted information and if you agree, that information can be redacted or removed and you can access the remainder of the records.
Materials do not circulate, but may be used in the State Archives search room (Room 100). Materials will be retrieved from and returned to storage areas by staff members.
Restrictions on Use
Most records created by Texas state agencies are not copyrighted and may be freely used in any way. State records also include materials received by, not created by, state agencies. Copyright remains with the creator. The researcher is responsible for complying with U.S. Copyright Law (Title 17 U.S.C.).
(Identify the item and cite the series), Texas Guaranteed Student Loan Corporation records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession numbers: 1998/137, 2004/219, 2006/189
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the Texas Legislative Reference Library on on May 29, 1998; August 18, 2004; and January 26, 2006.
Tony Black, December 2006
The record copies of minutes are maintained by the Texas Guaranteed Student Loan Corporation.
Detailed Description of the Records