Help Your Student Pay for College
If you’re a parent, family member or other creditworthy individual interested in paying for a student’s higher education expenses, a Texas Extra Credit Parent Loan may be the answer you’ve been looking for! With competitive fixed interest rates, a variety of repayment terms and options and valuable borrower benefits, the Texas Extra Credit Parent Loan is a great, low-cost loan option to help a student achieve their higher education dreams without breaking the bank.
Learn more about Texas Extra Credit’s Parent Loan program features, benefits and repayment options below.
- Repayment of the loan is the sole responsibility of the borrower; the student holds no responsibility to the loan
- Initial credit decision is typically made within minutes 1
- Competitive Fixed APRs ranging from 2.79% (with Auto Pay Discount 5) to 7.60% 2
- Borrower from $1,000 to $65,000 annually. Loans can be used for past due balances 3 (loans are certified by the student beneficiary’s school and may not exceed full cost of education minus other financial aid)
- Maximum aggregate loan limit is $150,000, inclusive of all education loan debt
- Satisfactory Academic Progress (SAP) not required
- No application or origination fees
- 0.25% interest rate reduction of for Auto Debit payments 5
- Death Forgiveness for student beneficiary 4
- Discharge for Total & Permanent Disability 6
- Choose from three repayment options: Fully Deferred, Interest Only, or Immediate Repayment
- Choice of 5, 10, or 15- year repayment term
- The student beneficiary must be enrolled at least half time in a degree-granting program (as certified by the school) at an approved school
- The borrower must be a permanent resident of Texas
- The borrower must be at least eighteen years old at the time of the loan application
- The borrower must meet certain income requirements and must submit verification of current income
- The borrower must be a United States citizen/national or lawful permanent resident alien of the United States
What You'll Need to Apply
- Bio/Demo Information
- Employment History
- Financial Information
- Student Beneficiary’s Bio/Demo Information
- Student Beneficiary’s School Information
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 education loan.
Higher Education Servicing Corporation (HESC) is the loan Originator for our Private Education Loan program(s). HESC is responsible for all private education loan processing and communications with the borrower(s) throughout the application process. Questions related to the application process or the status of your loan should be directed to HESC at firstname.lastname@example.org
Higher Education Servicing Corporation
M-F, 8am to 5pm CT
Have Questions? We Have Answers!
Check out our Parent Higher Education FAQs for more information about the Texas Extra Credit Education Loan.