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What are my private student loan options?

Brazos Parent Loan

Brazos Refinance Loan

The Brazos Parent Loan was created to help Parent, Grandparent or other Sponsors save money on their child’s undergraduate or graduate school expenses. With competitive rates and multiple repayment terms available The Brazos Parent Loan is offered by Brazos Education Lending Corporation, a Texas nonprofit company.

Why Brazos?

Brazos Education Lending Corporation is a Texas nonprofit company managed by Brazos Higher Education. Brazos Higher Education has over 40 years of experience in the student loan industry.

Our nonprofit status allows us to offer competitive rates and multiple repayment terms.

Apply Online

Our quick, online application process allows you to be pre-approved in minutes.

Borrower Benefits

We offer a 0.25% interest rate reduction when you enroll in automatic payments.

Loan Limits

Loan minimum: $1,000

Loan maximum: You may borrow up to the cost of attendance, less other financial aid received, as certified by the school your student is attending.Eligibility Requirements

To be eligible for a Brazos Parent Loan, you must:

  • Be a U.S. Citizen or National, or a non-citizen with government issued, non-expired documentation of permanent resident status, or if applying with an Eligible Cosigner, a non-citizen with a work or student visa,
  • Be a Texas resident and be at least the age 18 years old, (Not a Texas resident?)
  • Be applying to finance the education of a student who is enrolled at least half-time in a degree granting program at one of over 2,000 schools nation-wide,
  • Apply for an amount that is certified by the school your student is attending (see the "Certifying the Cost of Attendance" section of the FAQs),
  • Have a verified income and a strong credit history, and
  • Demonstrate the ability to support the repayment of the new loan

Additional Eligibility Information:

Brazos Parent Loan Eligibility

Brazos strives to provide transparent pricing and eligibility. We encourage you to familiarize yourself with the eligibility requirements prior to applying. In addition to the requirements below, borrowers and cosigners must meet other credit criteria in order to qualify.

School Eligibility

A borrower must be financing the education of an eligible benefitting student that is enrolled at least half-time in:

  1. one of over 2,000 accredited Title IV schools eligible for financial aid,
  2. a 4-year degree granting school that is a state or private nonprofit institution, and
  3. a school that is not a for-profit proprietary school.

Benefitting Student Eligibility

Eligible benefitting students must:

  1. be enrolled at least half time at an eligible school for the academic year or period as certified by the school for which a loan is obtained,
  2. be enrolled in a degree granting program; if the benefitting student has not yet matriculated in a program, they must be working towards a degree, and
  3. maintain satisfactory academic progress, demonstrated by school certification or verification of continued enrollment.

Borrower Eligibility

Eligible borrowers must:

  1. be applying to finance the education of an eligible benefitting student attending an eligible school,
  2. be a United States citizen or National, non-citizen with government issued, non-expired documentation of permanent resident status, or, if applying with an eligible cosigner, a non-citizen with a work or student visa,
  3. be a resident of the State of Texas, (Not a Texas resident?)
  4. be at least 18 years old,
  5. have a minimum annual income of $60,000, or $30,000 if applying with a qualified cosigner,
  6. have a FICO score of at least 720, or 690 if applying with a qualified cosigner (Don't know your credit score?), and
  7. have a strong credit history and meet other credit requirements.

Cosigner Eligibility

Eligible cosigners must:

  1. be a United States citizen or National or a non-citizen with government issued, non-expired documentation of permanent resident status residing in the United States,
  2. be a resident of the State of Texas, (Not a Texas resident?)
  3. be at least 18 years old,
  4. have a minimum annual income of $60,000,
  5. have a FICO score of at least 720 (Don't know your credit score?), and
  6. have a strong credit history and meet other credit requirements.

Loan Limits

The minimum loan amount is $1,000. Loans may be requested up to the cost of attendance, less other financial aid, as certified by the school.

Required Information

Information you will need to apply:

  • Proof of Texas residency (a state ID or Driver’s License),
  • Your social security number,
  • The social security number, date of birth, and name of the school at which your student is enrolled,
  • The Cost of Attendance as well as the amount of other financial aid you or your student has been awarded (this can be obtained from your financial aid award letter or your school's financial aid office),
  • Your permanent address,
  • Proof of income (depending upon your income types, this may be your two most recent pay stubs, 1099 Forms, or your most recent tax return), and
  • One reference who is not a cosigner on the loan nor the benefiting student
Disclaimers

1Rates as of 08/01/2020. Lowest rate shown is for eligible, creditworthy applicants and requires a 5 year repayment term and the Auto-Pay Discount of .25%. Your actual interest rate and repayment amounts may be different depending upon the terms you choose and your financial and credit history. Not all borrowers receive the lowest rate. The rate is expressed as an APR. Since there are no fees associated with this loan, the APR is the same as the actual interest rate of the loan. While the APR, once you proceed, may differ slightly depending upon calculation methods and certain assumptions, the actual interest rate will not change.

Auto-Pay Discount includes a .25% interest rate reduction when either the borrower or cosigner authorizes ACH payments of full principal and interest from any bank account. Certain other terms and conditions apply.

2Rates as of 08/01/2020. Lowest rate shown is for eligible, creditworthy applicants, requires a 5 year repayment term and assumes the current 1 month LIBOR rate of 0.96% plus a margin of 3.5% minus the .25% Auto-Pay Discount. Your actual interest rate and repayment terms may be different depending upon the terms you choose and your financial and credit history. Not all borrowers receive the lowest rate. In addition, the variable rate is subject to change monthly, based upon the 1-month LIBOR index, and, as such may increase (or decrease) monthly, even after consummation. This means that your payment may increase, or decrease, after disbursement. The variable rate is capped and will never exceed 9.90%. The rate is expressed as an APR. Since there are no fees associated with this loan, the APR is the same as the actual interest rate for the loan. While the APR, once you proceed, may differ slightly depending upon the calculation methods and certain assumptions, the base rate and margin that you are charged will remain as stated.

Auto-Pay Discount includes a .25% interest rate reduction when either the borrower or cosigner authorizes ACH payments of full principal and interest from any bank account. Certain other terms and conditions apply.

How much will my monthly payment be?

Private student loan payments are based on the amount borrowed, the interest rate and the length of the loan term.

What are my private student loan options?