Brazos is a student loan company that specialises in refinancing loans for “established” Texas residents. To qualify, you need a good credit score of at least 720 and an income of at least $60,000. They also offer private student loans to Texas residents and those attending college in Texas (even if you live in other states like California).
If you don’t have the necessary credit score or income, you’ll need a cosigner. Soft credit checks are available. Brazos Student Loans Review
On top of that, you can only refinance your loans with Brazos if you have a bachelor’s degree (or higher) from an accredited university. And, again, you must be a resident of Texas.
Brazos allows qualifying individuals to refinance loans of $10,000 to $250,000 for undergraduate loans and up to $400,000 for medical, graduate, or professional school loans.
Brazos Student Loan Refinancing
Brazos has been offering student loan products for over 40 years. So far it has funded more than 2 million students and provided over $30 billion of financing. Here’s a closer look at what you get with Brazos student loan refinancing. Brazos Student Loans Review
Rates And Terms
Although many people won’t qualify for Brazos loans, those that do will find great interest rates and a variety of terms. Currently, Brazos refinance loans can be repaid over 5,7,10,15, or 20 years. Brazos Student Loans Review
It’s great to see term options up to 20 years. This long repayment schedule could lower your monthly payment (while still holding onto a decent interest rate) so you can pursue other financial priorities while repaying your debts. Here are Brazos refinance rates including its 0.25% autopay discount:
- Variable APR: 3.69% to 6.34%
- Fixed APR: 4.19% to 6.89%
Note that interest rates are subject to change at any time. Visit Credible to see the most up-to-date rates and to compare Brazos with other lenders.
Parent Refinancing
In addition to student borrowers, parents who took out loans to pay for their child’s education can refinance with Brazos as well. Direct PLUS loans made to parents and Parent PLUS loans made under the FFELP program, as well as private parent loans may be refinanced with a Brazos Refinance Loan.
Unfortunately, though, Brazos doesn’t allow parents to transfer Parent PLUS Loans into a child’s name alone. It can only be refinanced in the parent’s name. Brazos Student Loans Review
Cosigner Release Program
Brazos does offer a cosigner release program. A borrower may request to have the cosigner released after making twelve consecutive on-time payments or prepaying an amount equal to twelve months of principal and interest by the due date just prior to the request.
Additionally, the borrower will have to pass a credit check and qualify with at least the same pricing tier as the cosigner on the loan at the time of the application. Brazos Student Loans Review
How Does Brazos Student Loan Refinancing Work? Compare
Brazos’ interest rates are always very competitive. But, unfortunately, it doesn’t lend to residents outside of Texas and also doesn’t offer a cosigner release program. Here’s a quick look at how Brazos compares. Brazos Student Loans Review
Brazos Private Student Loans
In addition to offering student loan refinancing, Brazos also offers a wide variety of private student loans. These private student loans are available to both Texas residents and those attending college in Texas (even if you originally are located in another state).