Read about the application process, requirement details and more.
Learn More
Read about the application process, requirement details and more.
Learn More
Our Private Student Loan is a low-cost option for students who may or may not require a cosigner for credit approval.
Apply For A Student LoanUse 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.
Start making full monthly payments on the principal and interest once the loan is fully disbursed.
CREDIT SCORE
APR
Excellent
2.75%
Great
4.19%
Good
4.86%
Fair
5.78%
CREDIT SCORE
APR
Excellent
3.77%
Great
4.39%
Good
5.06%
Fair
5.98%
CREDIT SCORE
APR
Excellent
4.29%
Great
5.01%
Good
5.58%
Fair
6.25%
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.
CREDIT SCORE
APR
Excellent
4.11%
Great
4.79%
Good
5.42%
Fair
6.05%
CREDIT SCORE
APR
Excellent
4.31%
Great
4.99%
Good
5.63%
Fair
6.25%
CREDIT SCORE
APR
Excellent
4.59%
Great
5.27%
Good
5.90%
Fair
6.53%
Postpone all repayment up to 66 months, or until the student graduates or drops below half-time enrollment.
CREDIT SCORE
APR
Excellent
4.40%
Great
5.04%
Good
5.75%
Fair
6.20%
CREDIT SCORE
APR
Excellent
4.64%
Great
5.31%
Good
6.05%
Fair
6.50%
CREDIT SCORE
APR
Excellent
4.94%
Great
5.61%
Good
6.36%
Fair
6.67%
Why does a cosigner help?
Applying with a cosigner who has good credit and income can help you satisfy credit criteria. It may even help you may increase your chances of passing the initial credit review. It may even help you receive a lower interest rate.
Why can't I find my school on the approved school list?
The Texas Extra Credit Education Loan program is only available for Title IV eligible institutions that offer a Bachelor’s degree or higher.
Can I apply for funds to pay for housing and meal plans?
Yes, you can borrow funds through our loan program to cover the cost of housing and meal plans; however, your school must certify your loan application indicating you are eligible to receive the loan amount requested.
Can I refinance all my loans into one once I graduate?
We currently don't have a refinance program, but we're working on it! Make sure to check back soon.
How much can I borrow?
The minimum loan amount is $1,000 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.
Are there out-of-pocket fees for obtaining this loan?
No, there are no origination or disbursement fees.
Who is the lender for the Texas Extra Credit Education Loan program?
The lender for the Texas Extra Credit Education Loan program is Higher Education Servicing Corporation, a Texas-based private, nonprofit organization established in 1978 to ensure Texas students and families have access to low-cost education loans in order to achieve a higher education. Higher Education Servicing Corporation may sell its loans to its sister organization North Texas Higher Education Authority, Inc. Loans sold to North Texas Higher Education Authority, Inc. will continue to be serviced by Higher Education Servicing Corporation.
How often are interest rates adjusted?
Higher Education Servicing Corporation reviews interest rates on a quarterly basis to determine if changes are needed; however, we hold the right to review/update interest rates at any time.
Why is a credit check necessary?
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 lowest interest rate we can based on your credit history.
What factors are used in the initial credit review?
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.
What if I have no credit history?
Students can apply with a cosigner to help meet creditworthiness guidelines and 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.
Do I need to apply for Federal Aid before applying for this loan?
We suggest you exhaust all Federal Aid, grants and scholarships before applying for this loan. However, completion of the FAFSA is not a requirement for the Texas Extra Credit Education Loan.
What options do you offer to complete the loan application?
The loan application must be completed online to be accepted for review. If you are unable to sign your application electronically, it can be faxed or mailed to our office.
How long will it take to complete the application process?
The approval process can take from 1 or 2 business days depending on how quickly you’re able to submit all required documentation. Once the loan has been approved and you have signed the loan application, we will send the school a request to certify the loan. It normally takes schools anywhere from 8 to 12 business days to complete the certification depending on the time of the year.
How early should I apply?
We recommend that you begin the application process at least 30 days before the semester begins – this should allow for ample time to complete the application and submit any required documentation.
What is the difference between a U.S. Citizen and a Permanent Resident?
U.S. Citizen - A person who was born in the United States, including the lower 48 states, Alaska, Hawaii, Puerto Rico, Guam and the U.S. Virgin Islands; or who became a citizen through naturalization; or who was born outside the United States to U.S. Citizen parents under qualifying circumstances (derivative citizenship) and who has not renounced U.S. citizenship.
Permanent Resident - Any person who is not a citizen of the United States and who is residing in the U.S. under legally recognized and lawfully recorded permanent residence as an immigrant. Also known as "Permanent Resident Alien," "Lawful Permanent Resident," "Resident Alien Permit Holder" and "Green Card Holder."
Will the funds be deposited into my personal account?
All funds are sent directly to your school. Once your tuition and fees (and any other amount you may owe the school) is satisfied, any excess funds will be disbursed to you by the school.
What is the difference between permanent address and mailing address?
Your permanent address is the location that you consider to be your primary place of residence (like your parent's or guardian's address). Your mailing address is wherever you want to receive all of your loan documents.
Why do you need a personal reference from me?
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 on the loan, we will contact your personal reference.
Why is my Social Security number needed?
We use your Social Security number to verify your identity and to check your credit history.
Who can I use as a 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 cannot use him or her as your reference, nor can your reference live at the same address as your cosigner. Lastly, you and your cosigner cannot use the same reference.
What qualifies as income?
Primary sources of income typically reflect employment earnings, but may also come from other sources such as retirement or rental income.
Why is the program only offered to Texas residents?
Higher Education Servicing Corporation administers its 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.
Is there a penalty for pre-payment or paying the loan off early?
No, you can pay your loan off early regardless of your repayment terms without any penalty. You will only be charged the amount of interest that has accrued on the loan until the day the loan is paid off.
Which repayment type should I choose?
Making payments of any type during the in-school period can significantly reduce the total cost of your loan. If you select a repayment type that requires an in-school payment, all payments must be made on time during the in-school period.
How can interest be capitalized?
In general, interest will capitalize at the end of the grace period following an initial deferment or following any subsequent deferment period, if any, or forbearance unless otherwise noted in the Credit Agreement. For Borrowers that have elected the “Immediate Repayment” option, interest that accrues between the first disbursement and the final disbursement will be capitalized once as of the day after the final disbursement. For Borrowers who have elected the Interest Only or Full Deferment Repayment Option, interest that is accrued and unpaid will be capitalized as of the last day of the grace period. Interest is also capitalized upon default. In all cases, capitalized interest is thereafter considered part of the principal, and interest will accrue on the new principal balance. Complete interest capitalization rules are contained in the Credit Agreements.
