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Student Loans

Student Loans

Texas Trust is partnering with Higher Education Servicing Corporation to offer the Texas Extra Credit Education Loan. This is a private student loan program designed specifically for Texas residents attending approved colleges or universities anywhere in the country.

Need Money for College?

Continuing your education is more important than ever, and so is making smart financial decisions when it comes to paying for that education, which 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 just aren’t enough to cover the full cost of attendance (see Important Notice on this page).

Learn more about Texas Extra Credit’s program features, valuable borrower benefits, and repayment options below.

Program Features

  • Complete your loan application online in as little as 15 minutes - initial credit decisions are typically made within minutes1
  • Competitive variable interest rates starting as low as LIBOR + 2.49% to LIBOR + 8.99% (with Annual Percentage Rates (APRs) from 3.81% to 9.36%)2
  • Competitive fixed interest rates starting at 4.49% to 10.99% (with Annual Percentage Rates (APRs) from 4.49% to 9.92%)3
  • Borrow from $1,000 to $65,000 annually. Loans can even be used for past due balances4 (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
  • Satisfactory Academic Progress (SAP) not required
  • No application or origination fees

Benefits

  • 0.25% interest rate reduction just for graduating5
  • 0.25% interest rate reduction for auto-debit payments6
  • Cosigner release after the first 24 consecutive on-time monthly loan payments7

Repayment

  • Choose from our three repayment options: Immediate, Interest-Only or Fully Deferred Repayment6
  • Choice of 10 or 15 year repayment terms

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 the 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

Start Your Application Today

Completing the online loan application takes as little as 15 minutes. And the application makes it easy to invite a cosigner to the process, mix and match loan options, and compare loan scenarios, so you can select a loan that's right for you.

And don’t worry, if you don’t have all of the necessary information to complete your application, we'll save it (securely) for you.

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.

Texas Extra Credit:
Business Hours: M-F 8am - 7pm CST
Phone: 855.228.8216
Fax: 877.574.2091
TexasExtraCredit@cology.com

What You'll Need to Apply

  • Bio/Demo Information
  • Employment History
  • Financial Information
  • Reference

Have Questions? We Have Answers!

Check out our Higher Education FAQs for more information about the Texas Extra Credit Education Loan.

Apply Now

1The 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 and Applicant Self-Certification Form and we will need the certification from your school before the final loan approval.

2 The current variable interest rate ranges from 3.81% to 10.31%, in effect as of 10/1/2017. The applicable interest rate for each calendar quarter shall be based on the three (3) month LIBOR (London Interbank Offered Rate) as published in The Wall Street Journal on the 16th day of each December, March, June, and September and references the 3-Month LIBOR rate in effect on the 15th day of that month rounded to the nearest basis point (0.01%). The variable interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the student’s and cosigner’s (if applicable) credit histories (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. The variable rate may increase or decrease if the LIBOR index changes or as required by law or if you request and qualify for the ACH reduction benefit(s) or Graduation reward. Repayment terms and options available may vary depending upon the amount borrowed. If approved, applicants will be notified of the rate qualified for within the stated range. The LIBOR index for the current calendar quarter is 1.32%. APRs range from 3.81% to 9.36%. The low APR example assumes a $10,000 loan made in two disbursements with immediate repayment, a monthly principal and interest payment of $100.82 (there is a minimum monthly payment of $50), a 10-year repayment term (120 months), no origination fee, and a 3.81% interest rate. The high APR example assumes a $10,000 loan made in two disbursements with full deferment while in school (up to 66 months), a monthly principal and interest payment of $170.41 (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), no origination fee, and a 10.31% interest rate.

3 The current fixed interest rates range from 4.49% (4.49% APR) to 10.99% (9.92% APR), in effect as of 10/1/2017. Rates may be higher depending upon (1) the student’s and cosigner’s (if applicable) credit histories (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. If approved, applicants will be notified of the rate qualified for within the stated range. The APR examples (lowest and highest) assume a $10,000 loan disbursed over two transactions. The lowest current APR is based on a 10-year repayment term (120 months), an immediate repayment plan, monthly principal and interest payments of $104.58, and a 4.49% interest rate. The highest current APR is based on a 15-year repayment term (180 months), a deferred repayment plan with a deferment period of 45 months upon initial disbursement, a six month grace period before repayment begins, monthly principal and interest payments of $180.65 and a 10.99% interest rate. The fixed interest rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH reduction benefit(s) or Graduation reward. Repayment terms and options available may vary depending upon the amount borrowed.

4 Program loans may be used to cover educational expenses for academic periods that end up to 90 days prior to the application date.

5 Student borrowers who earn a bachelor’s degree or higher will receive a 0.25% interest rate reduction if (a) they have made no more than one (1) late payment (more than 10 days late) on the loan, (b) they request the benefit from the servicer within one (1) year after graduation, and (c) they provide proof of graduation to the servicer. The student must request this benefit via phone or mail and must provide either a certified copy of a diploma or a certified transcript. Upon the servicer’s review and acceptance of the student's documentation, the servicer shall send a confirmation letter stating that the graduation benefit has been granted.

6 An interest rate reduction of 0.25% is available for borrowers who make monthly electronic funds transfer (EFT) payments of principal and interest from a savings or checking account. To qualify, the borrower needs to arrange with the loan servicer to automatically deduct monthly principal and interest payments from a bank account. The automatic payment benefit will discontinue and be lost for the remaining repayment period in the event any three payments are returned for insufficient funds over the life of the loan. This benefit is not available for interest payments made during the deferment period for the Interest Only Repayment option. This benefit may be terminated during deferment and forbearance periods, but can be re-established if borrower reapplies at the end of the deferment or forbearance period.

7 Request for the cosigner to be released can be made after the first 24 consecutive, on-time monthly payments (not later than ten days after the due date) of principal and interest have been made. At the time of request for cosigner release, the student borrower must (a) meet credit criteria in place for cosigner release, (b) be currently enrolled for automatic deduction of monthly payments from a savings or checking account at the time of the cosigner release application, and (c) must have had at least one payment deducted electronically from such bank account prior to the time of the cosigner release application. Lump sum payments will count as a single payment. If the borrower is granted a forbearance or makes a lump sum payment in excess of the monthly payment amount during the first 24 months of the Repayment Period that permits the borrower to skip one or more scheduled monthly payments, the borrower may lose the ability to qualify for the Cosigner Release Benefit.

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