Student Loans
Texas Extra Credit Education Loan
Continuing your education is more important than ever, and so is making smart financial decisions when it comes to paying for that education. That is why we offer the Texas Extra Credit Education Loan through our partner, Higher Education Servicing Corp. Texas Extra Credit is a private student loan developed specifically to help Texas residents pay for college when scholarships, grants and federal aid aren't enough to cover the full cost of attendance.
Important Notice
We highly recommend students apply for and utilize all federal student aid programs through the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov prior to applying for any private student loan. If you decide to apply for a private loan it is best to apply with a creditworthy cosigner as most student applicants do not meet the credit criteria. Having a cosigner may also help secure a lower interest rate.
Eligibility
Student borrower must be enrolled at least half time in a degree-granting program (as certified by the school) at an approved school
Student borrower and cosigner (if applicable) must be permanent residents of Texas
The applicant applying as creditworthy (i.e., the cosigner or student applying without a cosigner) must provide proof of current income
Student borrower and cosigner (if applicable) must be United States citizens/nationals or lawful permanent resident aliens of the United States
Key Features
Complete your loan application online in as little as 15 minutes
Competitive variable interest rates starting as low as LIBOR + 2.49% to LIBOR + 8.99%
Competitive fixed interest rates starting at 4.99% to 11.49%
Borrow from $1,000.00 to $65,000.00 annually – loans can even be used for past due balances
Maximum aggregate loan limit is $150,000.00, inclusive of all student loan debt
Satisfactory Academic Progress (SAP) not required
No application or origination fees
Repayment Options
You'll be able to choose from three convenient repayment options, with your choice of 10 or 15 year repayment terms:
Immediate - Begin your loan payments 30-60 days after the last disbursement.
Interest-only - Only pay interest payments while in school full-time, then start making full payments within 6 months.
Fully Deferred Repayment - Don't make any payments while in school full-time, then start making full payments within 6 months.
Frequently Asked Questions
Applying with a cosigner who has good credit and income can help you satisfy credit criteria and may increase your chances of passing the initial credit review and receiving a lower interest rate. Most students will need a cosigner to qualify. In a cosigned application, both you and your cosigner intend to (a) jointly apply for credit and (b) be jointly liable for the requested loan.
The minimum loan amount is $1,000.00 and the maximum you can borrow is determined by the school you are attending, but is limited to the lesser of your cost of attendance less other aid or $65,000.00. The maximum aggregate loan limit is $150,000.00, inclusive of all student loan debt.
No, there are no origination or disbursement fees.
The initial credit review considers all of the information you and your cosigner (if applicable) provide during the application process, and the information obtained from your credit report. If you pass the credit review, we will need to receive your income verification, school certification, and Applicant Self-Certification Form before final loan approval.
The credit check serves two main purposes. First, it is used to verify the identity of all people signing the application. Second, it’s used for qualification purposes and helps us offer you the best pricing we can based on your credit history.
Student can apply with a cosigner to help meet creditworthiness guidelines and help increase their chances of passing the initial credit review. If a student does not have credit history, we recommend applying with a cosigner who does.
We suggest you exhaust all federal aid, grants and scholarships before applying for this loan. Completion of the FAFSA however, is not a requirement for the Texas Extra Credit Education Loan.
We use your social security number to verify your identity and to check your credit history.
We need a personal reference as an additional means of contacting you during the servicing of your loan. If we are not able to reach the student or cosigner of the loan we will contact your personal reference.
Your reference can be anyone over the age of 18, as long as he or she is not living at the same address as you. If you are applying with a cosigner, you can not use him or her as your reference, nor can your reference live at the same address as your cosigner. Lastly, you and your cosigner can not use the same reference.
Primary sources of income typically reflect employment earnings, but may also come from other sources such as retirement or rental income. Your spouse’s income is not an eligible source of income.
Higher Education Servicing Corporation administers it’s Texas Extra Credit Education Loan program under the authority provided to it in Chapter 53B of the Texas Education Code, which limits our program to serve only Texas residents.