Brazos Parent Student Loan Review
Brazos Parent Loan
The Brazos Parent Loan offers some of the lowest interest rates available on parent loans but there are some drawbacks. On the one hand, they are remarkably flexible when it comes to qualification standards. They will cover up to 100% of your student’s annual Cost of Attendance, don’t have an aggregate loan limit, allow any immediate family member to borrow on behalf of the student, and their loan is available to students who are not U.S. citizens or permanent residents.
On the other hand, some of their qualification requirements are onerous. They only lend to borrowers with a 720 or better credit score and with an annual income that exceeds $60,000. They also require the student to maintain Satisfactory Academic Progress. When it comes to repayment, don’t expect a cosigner release option.
Most importantly, this loan is only available to Texas residents.
How does this loan compare?
- Covers up to 100% of yearly Cost of Attendance
- Offers an autopay discount and referral rewards program
- Available to international students and parents (provided you have a U.S. citizen or permanent resident cosigner)
Brazos Education Lending Corporation - Private Student Loan Details
- Credit Check: Soft to check rates, hard to process application
- Repayment Terms: 5, 7, 10, 15, 20 years
- Minimum Borrowing Limit: $1,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: 720
- Minimum Annual Income: $60,000
- Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
- Minimum Enrollment Restriction: Half-Time
- Approved Schools Include: Title IV + Non-Profit
- Immediate Principal and Interest Repayment: Yes
- Interest-Only Repayment: Yes
- Maximum Deferment Period: 12 months
- Maximum Forbearance Period: 12 months
- Death Discharge: Yes