12 State Student Loans and Nonprofit Lenders

Key facts

Pros

• Forbearance of 24 months is twice as long as most lenders.

• Loans are available if you’re enrolled less than half time.

Cons

• Loans may not be available depending on where you live or go to school.

• Fewer repayment terms than other lenders offer.

• You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers: Does not disclose.

• Minimum income: Does not disclose.

• Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.

Available Term Lengths

10 years

Key facts

Pros

• Income-based repayment plan available, with forgiveness after 25 years.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.

Cons

• Fewer repayment terms available than other lenders.

Qualifications

• Typical credit score of approved borrowers: 768.

• Minimum income: $40,000.

• Loan amounts: $1,500 to $45,000.

Available Term Lengths

10 or 15 years

Key facts

Pros

• In-person support and counseling are available.

• Deferment/forbearance of 24 months is longer than many lenders.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Qualifications

• Typical credit score of approved borrowers or co-signers: 787.

• Minimum income: $30,000.

• Loan amounts: $1,000 up to your total cost of attendance.

Available Term Lengths

7, 10 or 15 years.

Disclaimer

APR or "annual percentage rate," projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in two equal disbursements with a 7, 10, or 15 year repayment. Lowest rates require immediate repayment. The examples assume a 0.50% interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account. Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic payment benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic payment. Borrowers enrolled in immediate or interest-only repayment are eligible to enroll in automatic payment once all disbursements on the loan have been made and the loan is considered fully disbursed. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One-Month London Interbank Offered Rate (“LIBOR”) as of the last business day of the previous month plus your applicable margin. As of October 30, 2020 the One–Month LIBOR rate is 0.14%.

Key facts

Pros

• Forbearance of 24 months is longer than many lenders offer.

• No late fees.

Cons

• Only offers 2 loan terms.

Qualifications

• Typical credit score of approved borrowers or co-signers: 670.

• Minimum income: No minimum income.

• Loan amounts: $1,001 or $2,001, based on residency and school location, up to cost of attendance minus other aid received.

Available Term Lengths

10 or 15

Key facts

Pros

• No late fees.

Cons

• You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

• Only one repayment plan offers co-signer release.

Qualifications

• Typical credit score of approved borrowers: Did not disclose.

• Minimum income: $26,200

• Loan amounts: Minimum: $2,000 for a private college, $1,500 for a public college; maximum: total cost of attendance minus other financial aid.

Available Term Lengths

10 or 15 years

Key facts

Pros

• You can refinance without a degree.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• You cannot refinance parent PLUS loans in your name.

• Maximum loan amount is lower than most lenders offer.

Qualifications

• Typical credit score of approved borrowers or co-signers: 756.

• Minimum income: $30,000.

• Loan amounts: $7,500 to $200,000.

Available Term Lengths

5, 10, 15 or 20 years

Disclaimer

APR, projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in one disbursement with either 5–year, 10–year, 15–year or 20–year repayment. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One–Month London Interbank Offered Rate ("LIBOR") as of the last business day of the previous month plus your applicable margin.

Key facts

Pros

• You can refinance without a degree.

• Forbearance of 24 months is twice as long as most lenders.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• Loans aren’t available in Alaska, Delaware, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington or Washington, D.C.

• You cannot postpone repayment if you re-enroll in school.

Qualifications

• Typical credit score of approved borrowers: Does not disclose.

• Minimum income: Does not disclose.

• Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.

Available Term Lengths

10, 15 or 20 years

Key facts

Pros

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

• You can refinance without a degree.

• You can refinance while in school or during a medical residency.

Cons

• Interest rates vary by refi product.

Qualifications

• Typical credit score of approved borrowers or co-signers: Approximately 750.

• Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)

• Must have a degree: No.

Available Term Lengths

5, 7, 10, 15 or 20

Key facts

Pros

• Income-based repayment plan available, with forgiveness after 25 years.

Cons

• No co-signer release available.

• Students cannot refinance a parent PLUS loan in their name.

Qualifications

• Typical credit score of approved borrowers: 748.

• Loan amounts: $7,500 to $250,000, depending on the highest degree earned.

• Must have a degree: No.

Available Term Lengths

5, 10 or 15 years

Key facts

Pros

• No late fees.

• You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

• No formal deferment/forbearance options.

• No co-signer release.

Qualifications

• Typical credit score of approved borrowers or co-signers: Did not disclose.

• Loan amounts: $10,000 minimum.

• Must have a degree: No.

Available Term Lengths

7, 10 or 15 years.

Key facts

Pros

• Borrowers can finance undergraduate and graduate degree programs.

• Students do not have to attend college in Texas to qualify.

Cons

• Available only to parent borrowers in Texas.

Qualifications

• Typical credit score of approved borrowers: N/A

• Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.

• Loan amounts: $10,000 up to $400,000.

Available Term Lengths

5, 7, 10, 15, or 20 years

Disclaimer

Rates as of 2/05/2023. Lowest variable rate assumes a current Thirty-day Average Secured Overnight Financing Rate (SOFR) of % plus a 2.03% margin minus the 0.25% Auto-Pay Discount. If approved for a Brazos loan, the fixed or variable interest rate offered will depend on your creditworthiness, the term of the loan and other factors, and will be within the ranges of rates listed above. For the Brazos variable rate loan, the Thirty-day Average SOFR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the SOFR index increases. Auto-Pay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or the cosigner authorizes automated (ACH) payments from any bank account. This ACH interest rate reduction, referred to as the Auto-Pay Discount, applies only when full principal and interest payments are automatically drafted from a bank account. This interest rate reduction will not continue to apply during periods of approved forbearance or deferment. The Auto-Pay Discount will terminate if the automatic bank account payments discontinue or there are any three instances of insufficient funds at any time during the term of the loan. A borrower may requalify upon reauthorization of automatic payments from a valid bank account.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.

Key facts

Pros

• Offers more repayment terms than many lenders.

• Offers greater-than-minimum payments via autopay.

Cons

• Only available to borrowers in Texas.

• Does not offer co-signer release.

Qualifications

• Typical credit score of approved borrowers: 781 for primary borrower or 794 for co-signer (and 690 for primary borrower).

• Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.

• Loan amounts: $10,000 up to $150,000 for bachelors degree holders; $250,000 for graduate or professional degree holders.

Available Term Lengths

5, 7, 10, 15, or 20 years

Disclaimer

Brazos Refinance Loan fixed rates from 4.40% APR to 6.00% APR (with Auto-Pay Discount). Variable rates from 4.54% APR to 8.34% APR (with Auto-Pay Discount). Interest rates on Brazos loans are capped at 9.90%. Lowest variable rate of 4.08% APR assumes a current Thirty-day Average Secured Overnight Financing Rate (SOFR) of % plus a 2.03% margin minus the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. If approved for a Brazos loan, the fixed or variable interest rate offered will depend on your creditworthiness, the term of the loan and other factors, and will be within the ranges of rates listed above. For the Brazos variable rate loan, the Thirty-day Average SOFR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the SOFR index increases. Auto-Pay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or the cosigner authorizes automated (ACH) payments from any bank account. This ACH interest rate reduction, referred to as the Auto-Pay Discount, applies only when full principal and interest payments are automatically drafted from a bank account. This interest rate reduction will not continue to apply during periods of approved forbearance or deferment. The Auto-Pay Discount will terminate if the automatic bank account payments discontinue or there are any three instances of insufficient funds at any time during the term of the loan. A borrower may requalify upon reauthorization of automatic payments from a valid bank account. 2. Refinancing Federal Loans. While refinancing government loans as well as private loans may help many borrowers, federal loans have certain benefits that can help borrowers who experience financial distress. Private loans typically don’t have the same benefits. Everyone’s situation is different, so think carefully about refinancing your government loans and talk about it with a trusted advisor. 3. Credit Review and Approval. If you choose to apply for a Brazos Student Loan, Brazos Parent Loan, or Brazos Refinance Loan and continue your application past the pre-credit eligibility stage, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for Brazos to be able to issue you a Brazos loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. The initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report(s). If you pass the initial credit review, you will need to provide acceptable documentation such as your income verification before the final loan approval. 4. Brazos Education Lending Corporation (Brazos) is a part of a group of several non-affiliated nonprofit companies that are all managed by The Brazos Higher Education Service Corporation, Inc. and are commonly referred to as the Brazos Managed Companies. The first of the Brazos Managed Companies was organized in 1975 in Waco, Texas, as a secondary market for student loans. Since that time, the Brazos Managed Companies have, on a combined basis, served an estimated 2 million student borrowers and have helped fund an estimated $30 billion in student loans.