Brazos Student Loan Program
Fixed Rate
Application and Solicitation Disclosure |
Brazos Education Lending Corporation
210 York Street
Suite 200
York, PA 17403
(717) 254-2396 |
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Your interest rate will be between
After the rate is set, your rate will remain fixed for the life of the loan.
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Your Interest Rate (upon approval)
The interest rate you pay will be determined after you apply. It will be based on your credit history (and your cosigner’s if applicable). If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate during the life of the loan
Your rate is fixed. This means that your rate will not change over the life of your loan. For more information on this rate, see Reference Notes. |
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The maximum interest rate for this loan will be the fixed rate disclosed to you if you qualify.
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| See the Reference Notes for more information on the fixed interest rate.
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Application Fee:$0.00. Origination Fee: 0.000%.
Late Charges: 5.000% of the entire payment that was not paid in full when due or $35.00, whichever is less. Collection and Default Charges: In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.
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The total amount you will pay for this loan will vary depending on the interest rate, the selected loan term, and when it is fully disbursed. This example provides estimates based upon three (3) repayment options available to you while enrolled in school. The range of interest rates shown above apply to the entire set of possible repayment term options. Each repayment term option has its own minimum and maximum interest rates.
Repayment Option
(while enrolled in school) |
Amount Provided
(amount provided directly to you or your school) |
Interest Rate
(highest possible rate) |
Loan Term
(how long you have to pay off the loan) |
Total Paid
(includes associated fees) |
DEFER PAYMENTS
Make no payments while enrolled in school. Interest will be charged and added to your loan. |
$10,000 |
7.910% |
240 months
starting after the deferment period |
$27,235.20 |
PAY ONLY THE INTEREST
Make interest payments but defer payments on the principal amount while enrolled in school. |
$10,000 |
7.550% |
240 months
starting after the deferment period |
$22,620.00 |
MAKE FULL PAYMENTS
Pay both the principal and interest amounts while enrolled in school. |
$10,000 |
7.200% |
240 months starting after full loan disbursement |
$19,063.20 |
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About this example
All repayment examples assume that you remain in school for four (4) years and have a six (6) month grace period before beginning repayment unless you choose to make immediate interest payments or choose to begin making payments immediately after your loan is fully disbursed. This loan may have multiple disbursements. Interest accrues on the disbursed amount of the loan until it enters repayment. The accrued interest is added to the loan balance at that time. These repayment examples are based on the highest rate currently charged for the maximum loan term available and assumes that the loan will have one disbursement. Other available repayment term options are 5, 7, 10, and 15 years. Each repayment term has a different highest possible starting rate of not more that 9.900%.
SEE BACK OF PAGE
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Page 2 of 2
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| Loan Program |
Current Interest Rates by Program Type |
PERKINS
for Students |
Program not currenly available |
STAFFORD
for Students |
5.500%
fixed
Undergraduate subsidized and unsubsidized |
| 7.050%
fixed
Graduate and Professional Unsubsidized |
PLUS
for Parents and Graduate/ Professional Students |
8.050%
fixed Federal Direct Loan |
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You may qualify for Federal
Education loans. For additional information, contact your school's Financial Aid office or the Department of Education at: www.studentaid.gov/ |
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- Find Out About Other Loan Options.
Some schools have school-specific student loan benefits and terms not detailed on this form. Contact the school's financial aid office, or visit the Department of Education's website at: www.studentaid.gov/ for more information about other loans.
- To Apply for this Loan, Complete the Application and the Self-Certification Form.
You may get the self-certification form from your school's financial aid office, or complete it online as part of the application process. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).
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Fixed Interest Rate
- This loan has a fixed interest rate that will be set when the loan is approved and that will not change during the term of the loan.
General Program Details
- This loan is intended to finance the educational expenses of a student borrower attending an eligible school. Proceeds from this loan will be made payable directly to the school that the student borrower is attending.
- Brazos Education Lending Corporation is the lender for this loan. Brazos Education Lending Corporation may sell this loan to Brazos Higher Education Authority after the first disbursement. In that case, Brazos Higher Education Authority will be the lender for any subsequent loan disbursements.
Prepayments
- If you pay all or part of your loan early, you will not have to pay a penalty.
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Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Eligibility Criteria:Borrower
- Must be a U.S. citizen or National, a permanent resident or, if applying with an eligible Cosigner, a non-citizen with a work or student visa or a DACA recipient
- Must be a Texas resident
- Must be at least 18 years old at the time of application
- Must be enrolled at an Eligible School
- Must be enrolled in a degree granting program
- Must maintain satisfactory academic progress
Cosigner
- Must be a U.S. citizen or permanent resident with a valid Social Security number, and be residing in the United States
- Must be a Texas resident
- Must be at least 18 years old at the time of application
More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and promissory note.
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Brazos Student Loan Program
Variable Rate
Application and Solicitation Disclosure |
Brazos Education Lending Corporation
210 York Street
Suite 200
York, PA 17403
(717) 254-2396 |
|
Your starting interest rate will be between
After the rate is set, your rate will then vary with the market.
|
|
Your Interest Rate (upon approval)
The starting interest rate you pay will be determined after you apply. It will be based upon your credit history (and your cosigner’s if applicable). If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate during the life of the loan
Your rate is variable. This means that your rate could move lower or higher than the rates on this form. The variable rate is based upon the greater of the (a) 30-Day Average SOFR or the (b) forward looking term rate based on SOFR (as published in The Wall Street Journal or by the Federal Reserve Bank of New York). |
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Although the rate will vary after you are approved, it will never exceed 9.900% (the maximum allowable for this loan).
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| See the Reference Notes for more information on the variable interest rate.
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Application Fee:$0.00. Origination Fee: 0.000%.
Late Charges: 5.000% of the entire payment that was not paid in full when due or $35.00, whichever is less. Collection and Default Charges: In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.
|
The total amount you will pay for this loan will vary depending on the interest rate, the selected loan term, and when it is fully disbursed. This example provides estimates based upon three (3) repayment options available to you while enrolled in school. The range of interest rates shown above apply to the entire set of possible repayment term options. Each repayment term option has its own minimum and maximum interest rates.
Repayment Option
(while enrolled in school) |
Amount Provided
(amount provided directly to you or your school) |
Interest Rate
(highest possible starting rate) |
Loan Term
(how long you have to pay off the loan) |
Total Paid
(includes associated fees) |
DEFER PAYMENTS
Make no payments while enrolled in school. Interest will be charged and added to your loan. |
$10,000 |
9.820% |
240 months starting after the deferment period |
$33,261.60 |
PAY ONLY THE INTEREST
Make interest payments on the principal amount while enrolled in school. |
$10,000 |
9.320% |
240 months starting after the deferment period |
$26,090.88 |
MAKE FULL PAYMENTS
Pay both the principal and interest amounts while enrolled in school. |
$10,000 |
8.820% |
240 months starting after full loan disbursement |
$21,547.20 |
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About this example
All repayment examples assume that you remain in school for four (4) years and have a six (6) month grace period before beginning repayment unless you choose to begin making payments of principal and interest immediately after your loan is fully disbursed. This loan may have multiple disbursements. Interest accrues on the disbursed amount of the loan until it enters repayment. The accrued interest is added to the loan balance at that time. These repayment examples are based on the highest rate currently charged for the maximum loan term available and assumes that the loan will have one disbursement. Other available repayment term options are 5, 7, 10, and 15 years. Each repayment term has a different highest possible starting rate of not more than 9.90%.
SEE BACK OF PAGE
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Page 2 of 2
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| Loan Program |
Current Interest Rates by Program Type |
PERKINS
for Students |
Program not currenly available |
STAFFORD
for Students |
5.500%
fixed
Undergraduate Subsidized and Unsubsidized |
| 7.050%
fixed
Graduate and Professional Unsubsidized |
PLUS
for Parents and Graduate/ Professional Students |
8.050%
fixed Federal Direct Loan |
|
You may qualify for Federal
Education loans. For additional information, contact your school's Financial Aid office or the Department of Education at: www.studentaid.gov/ |
|
- Find Out About Other Loan Options.
Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school's financial aid office, or visit the Department of Education's website at:
www.studentaid.gov/ for more information about other loans.
- To Apply for this Loan, Complete the Application and the Self-Certification Form.
You may get the certification form from your school's financial aid office, or complete it online as part of the application process. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).
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Variable Interest Rate
- This loan has a variable interest rate that is based on a publicly available index, the greater of the (a) 30-Day Average Secured Overnight Financing Rate (SOFR) or the (b) forward looking term rate based on SOFR. Your rate will be calculated each month by adding a margin between 0.250%
and 4.500%
to the greater of SOFR or the forward-looking term rate based upon SOFR.
- The rate will not increase more than once each month, but there is no limit on the amount that the rate could increase at one time.
General Program Details
- This loan is intended to finance the educational expenses of a student borrower attending an eligible school. Proceeds from this loan will be made payable directly to the school that the student borrower is attending.
- Brazos Education Lending Corporation is the lender for this loan. Brazos Education Lending Corporation may sell this loan to Brazos Higher Education Authority after the first disbursement. In that case, Brazos Higher Education Authority will be the lender for any subsequent loan disbursements.
Prepayments
- If you pay all or part of your loan early, you will not have to pay a penalty.
|
Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Eligibility Criteria:Borrower
- Must be a U.S. citizen or National, a permanent resident or, if applying with an eligible Cosigner, a non-citizen with a work or student visa or a DACA recipient
- Must be a Texas resident
- Must be at least 18 years old at the time of application
- Must be enrolled at an Eligible School
- Must be enrolled in a degree granting program
- Must maintain satisfactory academic progress
Cosigner
- Must be a U.S. citizen or permanent resident with a valid Social Security number, and be residing in the United States
- Must be a Texas resident
- Must be at least 18 years old at the time of application
More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and promissory note.
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Private education loans are one tool that students use to finance their education. Your lender and your institution's Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; studentloan@schev.edu; 804-786-2832. In addition, resources for prospective and current private education loan borrowers are available online at schev.edu/privateloan.