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Loan Options

We help break down barriers to education – without breaking the bank

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Overview

HESC is a nonprofit organization dedicated to helping Texas students and their families realize their educational dreams through our Texas Extra Credit Education Loan program. We offer two low-cost loan options:

  • Private Student Loans for students who may or may not require a cosigner for credit approval
  • Private Parent Loans for parents, family members or other creditworthy individuals who wish to help pay for a student’s college costs

Competitive Fixed Rate Loans ranging from 2.74% (with Auto Pay discount 6) - 6.89% APR 1

All our loan options feature:

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Initial Credit Decision in Minutes 2

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Loan Limits from $1,000 to $65,000 3

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No Application, Disbursement or Origination Fees

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5, 10, and 15-year Repayment Terms

Plus:

  • Multiple repayment options 12
  • Interest rate discount for ACH 6
  • Ability to compare loan scenarios
  • Loan can cover past due balances 4
  • Funds are disbursed in up to four disbursements to the school
  • Open to undergraduate and graduate students
  • Total and permanent disability forgiveness 8, 10 and death forgiveness 9, 11
  • Deferment and forbearance options


Interest Rate Estimator

Use the table below to determine what Annual Percentage Rate (APR) you may qualify for before you apply. Each tab represents one of our repayment options - simply select a tab to view available rates based on our three repayment terms and your estimated credit score.

Immediate Repayment

Start making full monthly payments on the principal and interest once the loan is fully disbursed.

5 Year Repayment Term

CREDIT SCORE

APR

Excellent

2.75%

Great

4.19%

Good

4.86%

Fair

5.78%

10 Year Repayment Term

CREDIT SCORE

APR

Excellent

3.77%

Great

4.39%

Good

5.06%

Fair

5.98%

15 Year Repayment Term

CREDIT SCORE

APR

Excellent

4.29%

Great

5.01%

Good

5.58%

Fair

6.25%

Note: APRs listed above assume immediate repayment of a $10,000 loan disbursed over two transactions and includes a 0.25% interest rate reduction for payments made via auto pay6. Lowest APR rates are only available for the most creditworthy applicants. Actual rates are determined based on the applicant’s loan application, credit history and supporting documentation as well as the repayment option and term selected. The applicant's credit score and history are evaluated using Equifax's Scorecard 9.
Interest Only Repayment

Only pay the interest on the loan while the student is enrolled at least half-time, postponing payments on the principal balance for up to 66 months.

5 Year Repayment Term

CREDIT SCORE

APR

Excellent

4.11%

Great

4.79%

Good

5.42%

Fair

6.05%

10 Year Repayment Term

CREDIT SCORE

APR

Excellent

4.31%

Great

4.99%

Good

5.63%

Fair

6.25%

15 Year Repayment Term

CREDIT SCORE

APR

Excellent

4.59%

Great

5.27%

Good

5.90%

Fair

6.53%

Note: APRs listed above assume interest only repayment for 60 months (including a 6-month grace period) of a $10,000 loan disbursed over two transactions and includes a 0.25% interest rate reduction for payments made via auto pay6. Lowest APR rates are only available for the most creditworthy applicants. Actual rates are determined based on the applicant’s loan application, credit history and supporting documentation as well as the repayment option and term selected. The applicant's credit score and history are evaluated using Equifax's Scorecard 9.
Fully Deferred Repayment

Postpone all repayment up to 66 months, or until the student graduates or drops below half-time enrollment.

5 Year Repayment Term

CREDIT SCORE

APR

Excellent

4.40%

Great

5.04%

Good

5.75%

Fair

6.20%

10 Year Repayment Term

CREDIT SCORE

APR

Excellent

4.64%

Great

5.31%

Good

6.05%

Fair

6.50%

15 Year Repayment Term

CREDIT SCORE

APR

Excellent

4.94%

Great

5.61%

Good

6.36%

Fair

6.67%

Note: APRs listed above assume fully deferred repayment for 60 months (including a 6-month grace period) of a $10,000 loan disbursed over two transactions and includes a 0.25% interest rate reduction for payments made via auto pay6. Lowest APR rates are only available for the most creditworthy applicants. Actual rates are determined based on the applicant’s loan application, credit history and supporting documentation as well as the repayment option and term selected. The applicant's credit score and history are evaluated using Equifax's Scorecard 9.

Explore our loans

Student Loan Info Parent Loan Info

Before applying for a Texas Extra Credit Education Loan, we highly recommend you apply for and make use of all federal student aid through the Free Application for Federal Student Aid (FAFSA®) at fafsa.gov. To learn more about the types of federal student aid available, when to apply and eligibility requirements, visit studentaid.gov.

Requirements

  • Enrollment: The student must be enrolled at least half time in a degree-granting program (as certified by the school) at an approved school.
  • Resident of Texas: The borrower and cosigner, if applicable, must be permanent residents of Texas – the student can attend any approved college or university throughout the United States.
  • Current income: The applicant applying as creditworthy must provide proof of current income.
  • Citizenship: Applicant(s) must be United States citizen/national or lawful permanent resident alien of the United States.

Step-By-Step Process

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Apply

Start your loan with our easy online application

Student Loan Parent Loan
submit

Submit

Receive an initial credit decision within minutes of submitting your application

verify

Verify

Provide any required documentation to verify the information on your application

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Sign

If approved, sign your loan application. We’ll then request the school certify the loan

approve

Approve

Once certified, provide final loan approval and your funds can be disbursed