Brazos Refinance 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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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, and the selected loan term
| Repayment Option |
Amount Provided
(amount provided directly to the servicer or lender of the underlying loan) |
Interest Rate
(highest possible rate) |
Loan Term
(how long you have to pay off the loan) |
Total Paid
(includes associated fees) |
MAKE FULL PAYMENTS
Imediately after disbursement. |
$10,000 |
7.240% |
240 months starting after full loan disbursement |
$19,123.20 |
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About this example
The loan cost example is based on the highest fixed interest rate currently charged, assumes that all payments are made on the date they are due during the 20 year repayment period. Payments begin following the final disbursement. The actual loan cost will vary depending on the terms of credit for which you are approved. This repayment examples are based on the highest rate currently charged for the maximum loan term available. 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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There are currently no Federal Loan Alternatives that allow the consolidation of private student loans. Federal Consolidation Loans only allow for the consolidation of Federal student loans.
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- Find Out About Other Loan Options.
Visit the Department of Education's website at: www.studentaid.gov/ for more information about consolidation loan options that may be available for your federal student loans.
- To Apply for this Loan, Complete the Application.
An Approval Disclosure will be provided to you after you have completed the application process if your loan application is approved. The Approval Disclosure will identify the loan terms for which you are approved. The loan term 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 consolidate eligible educational student loans. Proceeds from this loan will be made payable directly to the underlying loan holder(s) or servicer(s).
- Brazos Education Lending Corporation is the lender for this loan.
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 non-citizen with government issued, non-expired documentation of permanent resident status, or, if applying with an eligible Cosigner, a non-citizen with a work or student visa, a DACA recipient, or other eligible work or student documentation.
- Must be a Texas resident
- Must be at least the age of majority based on the law of the State of Texas at the time of the application.
- Must have graduated and received at least an undergraduate bachelor's degree from an Eligible School
- Must be applying to refinance at least one outstanding, fully disbursed Eligible Underlying Educational Loan.
Cosigner
- Must be a U.S. citizen, National, or a non-citizen with givernment issued, non-expired documentation of permanent resident status residing in the U.S.
- Must be a Texas resident
- Must be at least the age of majority based on the law of the State of Texas at the time of the application.
More information about loan eligibility or forbearance options is available in your loan application and Promissory Note.
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| Think carefully about using a private refinance loan to pay off your federal student loans. If you refinance your federal student loans through this program you will lose federal student loan benefits, such as income driven repayment or loan forgiveness options that may be available to federal student loan borrowers. In addition, federal student loans offer deferment and forbearance options that may not be available if you refinance federal loans into a private refinance loan product. |
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Brazos Refinance 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 30-Day Average SOFR (as published 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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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, and the selected loan term
| Repayment Option |
Amount Provided
(amount provided directly to the servicer or lender of the underlying loan) |
Interest Rate
(highest possible starting rate) |
Loan Term
(how long you have to pay off the loan) |
Total Paid
(includes associated fees) |
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
These loan 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
|
|
Page 2 of 2
|
|
There are currently no Federal Loan Alternatives that allow the consolidation of private student loans. Federal Consolidation Loans only allow for the consolidation of Federal student loans.
|
- Find Out About Other Loan Options.
Visit the Department of Education's website at: www.studentaid.gov/ for more information about consolidation loan options that may be available for your federal student loans.
- To Apply for this Loan, Complete the Application.
An Approval Disclosure will be provided to you after you have completed the application process if your loan application is approved. The Approval Disclosure will identify the loan terms for which you are approved. The loan term will be available for 30 days (terms will not change during this period, except as permitted by law).
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Variable Interest Rate
- This loan has a variable interest rate that is based on a publicly available index, the 30-Day Average Secured Overnight Financing Rate (SOFR). Your rate will be calculated each month by adding a margin between 0.250%
and 3.500%
to the 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 consolidate eligible educational student loans. Proceeds from this loan will be made payable directly to the underlying loan holder(s) or servicer(s).
- Brazos Education Lending Corporation is the lender for this loan.
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:
- Must be a U.S. citizen or National, a non-citizen with government issued, non-expired documentation of permanent resident status, or, if applying with an eligible Cosigner, a non-citizen with a work or student visa, a DACA recipient, or other eligible work or student documentation.
- Must be a Texas resident
- Must be at least the age of majority based on the law of the State of Texas at the time of the application.
- Must have graduated and received at least an undergraduate bachelor's degree from an Eligible School
- Must be applying to refinance at least one outstanding, fully disbursed Eligible Underlying Educational Loan.
Cosigner
- Must be a U.S. citizen, National, or a non-citizen with givernment issued, non-expired documentation of permanent resident status residing in the U.S.
- Must be a Texas resident
- Must be at least the age of majority based on the law of the State of Texas at the time of the application.
More information about loan eligibility or forbearance options is available in your loan application and Promissory Note.
|
|
| Think carefully about using a private refinance loan to pay off your federal student loans. If you refinance your federal student loans through this program you will lose federal student loan benefits, such as income driven repayment or loan forgiveness options that may be available to federal student loan borrowers. In addition, federal student loans offer deferment and forbearance options that may not be available if you refinance federal loans into a private refinance loan product. |
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