Brazos strives to provide transparent pricing and eligibility. We encourage you to familiarize yourself with the eligibility requirements prior to applying. In addition to the requirements below, borrowers and cosigners must meet other credit criteria in order to qualify.
Eligible borrowers must:
have graduated and received at least an undergraduate bachelors from one of over 2,000 eligible schools,
be the borrower of the loans to be refinanced,
be a United States citizen or National or 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,
have a strong credit history and meet other credit requirements.
The minimum loan amount is $10,000. The maximum loan amount is $150,000 for borrowers with a bachelors degree and $400,000 for a graduate, medical, law or other professional degrees.
Required Information for Borrowers and Cosigners
Information you will need to apply:
Proof of Texas residency (a state ID or Driver’s License),
Your social security number.
Your permanent address
Proof of income. Depending upon your income types, this may be your two most recent pay stubs, 1099 Forms, or your most recent tax return
A payoff verification from your current loan servicer or lenders including the address where payoff payments are to be mailed (this certifies the amount of principal and interest currently owed on your existing loans). This statement lets us know the total amount needed to pay off your existing loans, and can often be obtained online from your current loan servicer.
1. Brazos Refinance Loan fixed rates from % APR to % APR (with Auto-Pay Discount). Variable rates from % APR to % APR (with Auto-Pay Discount). Interest rates on Brazos loans are capped at 9.90%. The Variable Rate is based on an Index of the greater of the (A) 30-Day Average SOFR or the (B) forward looking term rate based on SOFR, plus a Margin. The lowest variable rate APR displayed is based upon the current SOFR Index of % plus a % Margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment will be re-amortized and may change monthly. Not all borrowers receive the lowest rate. If approved for a Brazos loan, the fixed or variable interest rate offered will depend on your creditworthiness, the term of the loan and other factors, and will be within the ranges of rates listed above. For the Brazos variable rate loan, the (SOFR) index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the (SOFR) index increases.
Auto-Pay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or the cosigner authorizes automated (ACH) payments from any bank account. This ACH interest rate reduction, referred to as the Auto-Pay Discount, applies only when full principal and interest payments are automatically drafted from a bank account. This interest rate reduction will not continue to apply during periods of approved forbearance or deferment. The Auto-Pay Discount will terminate if the automatic bank account payments discontinue or there are any three instances of insufficient funds at any time during the term of the loan. A borrower may requalify upon reauthorization of automatic payments from a valid bank account.