Texas Extra Credit Education Loan is a private student loan program designed specifically for Texas residents attending approved colleges or universities anywhere in the country. By offering competitive fixed and variable interest rates, a variety of repayment terms and options and valuable borrower benefits, we know the Texas Extra Credit Education Loan is the right answer to your students’ education financing needs.
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.
Learn more about Texas Extra Credit’s program features, valuable borrower benefits, and repayment options below.
- Online loan application takes as little as 15 minutes to complete
- Initial credit decision is typically made within minutes1
- Application calculates repayment amounts based on repayment plan, term and interest rate plan in real time, so comparing loan scenarios is easy
- Invite a cosigner to an application with a few simple clicks
- Application must be certified by school
- Competitive fixed rates ranging from 3.21% APR (with Auto Pay Discount5) to 7.60% APR2
- Borrow up to the full cost of education, minus other financial aid
- Minimum loan amount is $1,000; annual loan maximum is $65,000. Loans can even be used for past due balances3 (loans are certified by the school and may not exceed full cost of education minus other financial aid)
- Maximum aggregate loan limit is $150,000, inclusive of all student loan debt
- Loans may be used to cover Past Due Balances4
- Death Forgiveness for student borrowers (and cosigner, if applicable)7
- Satisfactory Academic Progress (SAP) not required
- Discharge for Total & Permanent Disability8
- Three repayment options (Fully Deferred, Interest Only, or Immediate Repayment)5 and two repayment terms (5, 10 or 15 years)
- Loan funds are sent directly to the school by EFT, CDA or check