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Brazos Student Loan Refinancing Review

Brazos can be a good choice if you live in Texas, have finished your degree, and have good credit.

Matt Carter Matt Carter Updated December 18, 2019

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Best for:

  • Graduates with strong credit and income
  • Refinancing without a cosigner

Brazos Higher Education is a nonprofit lender that offers student loan refinancing to Texas residents at competitive rates and with flexible terms. If you’ve finished your degree and have an established income and credit history, you may be eligible to refinance your student loan debt with Brazos.

Here’s what you should know when considering refinancing your student loans with Brazos.

In this post:

  • Brazos interest rates and loan details
  • Brazos student loan refinancing review
  • How Brazos compares to other lenders
  • How to refinance student loans with Brazos

Brazos interest rates and loan details

Brazos requires a minimum credit score of 720 and income of at least $60,000. But well-qualified borrowers can get low rates and refinance up to $150,000 if they completed a bachelor’s degree and $250,000 if they’ve earned a graduate or professional degree.

Rates from (APR)Fixed: 2.70%+
Variable: 1.93%+
Loan amounts$10,000 up to $250,000
(depending on degree)
Loan terms5, 7, 10, 15, 20 years
Loan typesAny private or federal student loan
(including PLUS loans)
Min. credit score690
Min. income$60,000
($30,000 with cosigner)
Residency
  • Must be a U.S. citizen or permanent resident
  • Must be a resident of Texas
Cosigner releaseNot offered
Transfer parent loan to child?No
FeesNo application, origination, or disbursement fees
Prepayment penaltyNone
Key benefits0.25% autopay discount
EducationBachelor’s degree required
Death discharge availableFirstmark Services (Nelnet)
Loan servicer
  • If borrower of a cosigned loan dies, cosigner is responsible for repayment of the loan over the remainder of the repayment term
  • If cosigner dies, Brazos will not declare the loan in default or accelerate payment
  • Brazos will not pursue the estate of any deceased borrower or cosigner
Best if
  • You don't need a cosigner

  • You have strong credit and income

  • You want a wide selection of repayment terms

All APRs reflect autopay and loyalty discounts where available

Brazos student loan refinancing review

In addition to offering competitive rates, Brazos offers a good selection of repayment terms, ranging from 5 to 20 years. Choosing a shorter repayment term helps you qualify for a lower rate, and minimize your total interest charges. Stretching out repayment over a longer period of time can lower your monthly payment amount, but your total repayment costs may increase.

Although you can’t transfer federal PLUS loans taken out by your parents into your own name, your parents can refinance their PLUS loans with Brazos if it makes sense for them to do so.

Brazos offers both fixed- and variable-rate loans. If you choose a variable-rate loan, Brazos caps the maximum rate at 9.90%.

How to qualify

While Brazos has somewhat strict credit and income requirements, it can be easier to qualify if you apply with a creditworthy cosigner. If you apply with a cosigner, the minimum credit score is 690 and the minimum income is $30,000.

Just keep in mind that if you refinance with a cosigner, Brazos doesn’t offer cosigner release. If you want to relieve your cosigner of their obligation when you’re in a stronger financial position, you can always refinance your loans again.

You must also provide:

  • Your social security number
  • Proof of income
  • A state ID or driver’s license to prove you’re a Texas resident

Repayment

Monthly payments on Brazos loans are collected by Firstmark Services, a division of Nelnet.

You can earn a 0.25% interest rate reduction when you authorize automatic payments to Firstmark from your checking or savings account. Brazos also offers other benefits like these forbearance options:

  • Economic hardship: If you run into unexpected financial problems, Brazos offers economic hardship forbearance that allows you to defer payments on your loan for 3 months at a time, with a total limit of 12 months.
  • Active duty military: Forbearance is available if you’re called up for active duty military service.
  • Natural disaster: If you’re affected by a natural disaster, Brazos has forbearance options for you.

If you’re granted forbearance, though, keep in mind interest charges will continue to accrue on your loans.

How Brazos compares to other lenders

 brazos student loan refinancing reviewpenfed student loan refinancing reviewcitizens bank student loan refinancing review
Rates from (APR)Fixed:
2.70%+

Variable:
1.93%+
Fixed:
2.99%+

Variable:
2.19%+
Fixed:
2.97%+¹

Variable:
1.99%+¹
Loan repayment terms (Years)5, 7, 10, 15, 205, 8, 12, 155, 7, 10, 15, 20
Loan amount$10,000 to $250,000 $7,500 to $300,000$10,000 to $500,000
(depending on level of education)
Cosigner release?Not offeredApplications accepted after 12 months of consecutive on-time paymentsYes, applications accepted after 36 months of consecutive payments
Transfer parent loan to child?NoYesNo
Loan servicerFirstmark Services
(Nelnet)
PenFed Firstmark Services
(Nelnet)
Best forGraduates with strong credit and incomeRefinancing student loans taken out by parent or spouseRefinancing large loan balances
Considering student loan refinancing?
Compare Rates Now

All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures

How to refinance student loans with Brazos

If you live in Texas, finished your degree, and have good credit and earnings, it’s worth checking rates for student loan refinancing with Brazos.

Before making a final decision, it’s wise to also compare rates from other lenders that offer student loan refinancing. Credible makes it easy to request rates from Brazos and other top lenders that offer student loan refinancing by filling out a single form without hurting your credit score.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders with no impact on your credit score
  • Won’t impact credit score – Checking rates on Credible takes about 2 minutes and won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

See Your Refinancing Options
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How Brazos can improve

Even though Brazos has helped thousands of Texas residents refinance their student loans, it could be even more valuable to borrowers by:

  • Offering refinancing to residents of other states
  • Accepting applications for cosigner relief
  • Letting the student take over PLUS loans that their parents took out on your behalf
 
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.