2: Brazos Education Lending Corporation is a part of a group of several non-affiliated nonprofit companies that are all managed by Brazos Higher Education and are commonly referred to as the Brazos Managed Companies. The first of the Brazos Managed Companies was organized in 1975 in Waco, Texas, as a secondary market for student loans. Since that time, the Brazos Managed Companies have, on a combined basis, served an estimated 2 million student borrowers and have helped fund an estimated $30 billion in student loans.

3: AutoPay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. Certain other terms and conditions apply.

4: Brazos Student Loan interest rate ranges are based upon the repayment term and options selected and the creditworthiness of the borrower or co-signer, and include the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower that selects the Immediate Repayment option and begins making payments after the loan is fully disbursed, with a 60 month repayment term. The highest APR calculation assumes the lowest creditworthy borrower that selects the Deferred Repayment option and makes no payment while in school for a period of 45 months (plus a 6 month grace period), with a 240 month repayment term.

Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.35% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.

AutoPay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. Certain other terms and conditions apply.

5: The Brazos Parent Loan Rates are based upon the repayment term selected and the creditworthiness of the borrower or co-signer, and include the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate.

Brazos Parent Loan Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.35% plus a 0.25% margin, minus the Auto-Pay Discount, for a 60 month (5 year) repayment term. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term.

AutoPay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. Certain other terms and conditions apply.

6: The Brazos Student Loan Refinance Rates displayed are based upon the repayment term selected and the creditworthiness of the borrower or co-signer, and include the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. The lowest APR calculations assume the highest creditworthy borrower with a 60-month repayment term. The highest APR calculation assumes the lowest creditworthy borrower with a 240-month repayment term.

Fixed Rates are set at the time the loan is made and will not change over the life of the loan. Variable Rates and corresponding APRs may increase over the life of the loan, but will never exceed 9.90%. The variable interest rate is based on an index of the 30-day Average SOFR plus a Margin. The lowest variable rate APR displayed is based on the current SOFR index of 4.35% plus a 0.25% margin, minus the Auto-Pay Discount. The Variable Rate will adjust monthly and the loan payment may increase or decrease monthly to provide for amortization over the selected term. The Variable Rate product is only available to Texas Residents.

AutoPay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. Certain other terms and conditions apply.

7: We encourage responsible borrowing. You should always exhaust all forms of grants, scholarships and other free financial aid before taking out a new loan. If you determine you need a loan, or wish to consolidate, carefully compare the federal loan program with any private loan program, including all benefits, forgiveness programs and other federal options. Not all private loan programs offer the same benefits as are available in the federal loan program. Do your shopping and find the loan that best fits your needs.

8: If you choose to apply for a Brazos Loan, we will request your full credit report. This credit pull may impact your credit score. The initial credit review is based on review of all of the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report. If you pass the initial credit review, you will be required to provide acceptable documentation, such as your income verification, before final loan approval.

9: The APR, terms, calculated payments and total loan cost amounts are estimates only. The calculator assumes that the loan amount is disbursed to the school in two equal installments five (5) months apart. Capitalized interest is calculated during this five month period at the APR shown, except for the examples for the Interest Only Repayment Option. [Please note that the APR used in all calculations assumes the AutoPay Discount is applied. If you take out a loan, the AutoPay Discount will not actually be applicable until you enter full repayment and you sign up for automated payments (see Disclaimer 3 above).] This capitalized interest is added to the amount of the loan to arrive at the estimated balance of the loan when repayment begins. Estimated payments are based upon the projected balance at repayment, including capitalized interest. Calculated monthly payments and total payments are based on the information provided by you, assume that the interest rate remains constant throughout the life of the loan, and that loans will be repaid in equal monthly installments. Please note that the interest rate will not remain constant for a variable rate loan, although it is assumed to for purposes of this calculator. This resource also assumes that you will pay continuously throughout the repayment period with no breaks for deferment, forbearance or prepayments. We cannot guarantee the accuracy or completeness of the information or the Student Loan Calculator’s applicability to your specific circumstances.

Using the Student Loan Calculator does not constitute an offer to receive a loan and does not solicit a loan offer. Any rates, terms, and calculated payments will depend on the actual months for which you are approved, the repayment option you select, the actual disbursement schedule of your loan, the length of any interim period prior to start of repayment, and your specific credit score, should you choose to apply.

10: When you apply for a Brazos Student Loan, the FICO score used will be the Transunion FICO Score 9, which is based on information from Transunion. When you apply for a Brazos Parent or Brazos REFI Loan, the FICO score used will be the Transunion FICO Score 9. In addition to these different FICO Score models used at Transunion, there are still other FICO score models used among and between credit reporting agencies which could result in an individual having a higher or lower credit score depending on the model utilized. FICO is a registered trademark of the Fair Issac Corporation.

11: The displayed APR includes the AutoPay Discount.
AutoPay Discount: The interest rate in effect will be reduced by 0.25% if either the borrower or cosigner authorizes automated (ACH) payments from any bank account. The Auto-Pay Discount only applies when full principal and interest payments are automatically drafted from a bank account and does not apply during periods of approved forbearance or deferment. Certain other terms and conditions apply.

12. The APR, terms, calculated payments and total loan cost amounts are estimates only. The calculator assumes that the loan amount is disbursed to the school in two equal installments five (5) months apart. Capitalized interest is calculated during this five month period at the APR shown. [Please note that the APR used in all calculations assumes the AutoPay Discount is applied. If you take out a loan, the AutoPay Discount will not actually be applicable until you enter full repayment and you sign up for automated payments (see Disclaimer 3 above)]. This capitalized interest is added to the amount of the loan to arrive at the estimated balance of the loan when repayment begins. Estimated payments are based upon the projected balance at repayment, including capitalized interest. Calculated monthly payments and total payments are based on the information provided by you, assume that the interest rate remains constant throughout the life of the loan, and that loans will be repaid in equal monthly installments. Please note that the interest rate will not remain constant for a variable rate loan, although it is assumed to for purposes of this calculator. This resource also assumes that you will pay continuously throughout the repayment period with no breaks for deferment, forbearance or prepayments. We cannot guarantee the accuracy or completeness of the information or the Parent Loan Calculator’s applicability to your specific circumstances.

Using the Parent Loan Calculator does not constitute an offer to receive a loan and does not solicit a loan offer. Any rates, terms, and calculated payments will depend on the actual months for which you are approved, the repayment option you select, the actual disbursement schedule of your loan, the length of any interim period prior to start of repayment, and your specific credit score, should you choose to apply.

13. Direct PLUS interest rate is the interest rate for loans first disbursed on or after July 1, 2024 and on or before June 30, 2025. The rate assumes a 0.25% interest rate reduction for borrowers that authorize automated payments from a bank account. The calculator also assumes a 4.228% origination fee for Direct Plus loans first disbursed on or after October 1, 2022 and before October 1, 2023. These amounts may vary depending upon when the first disbursement of your loan occurred or will occur. Direct PLUS interest rates and fees are subject to change by the Federal Government. Always visit www.studentaid.gov for the most current information about federal loan programs.

14: The Brazos Refinance Loan APRs, terms, calculated payments, total interest, and total savings amounts are estimates only. Calculated monthly payments and total payments based on information provided by you and assume that the interest rates remains constant throughout the life of the loans and that the loans will be repaid in equal monthly installments. Total remaining interest on your loan is an estimate of the amount of interest you will pay in the future on your existing loan, and excludes previous interest payments. This resource also assumes that you will pay continuously throughout the repayment period with no breaks for forbearance or prepayments. We cannot guarantee the accuracy or completeness of the information or the Refinance Calculator resources' applicability to your circumstances.

The interest rate for your loan may be based, in part, on whether you have a creditworthy cosigner. Applying with a creditworthy cosigner may help you qualify and/or receive a lower interest rate. Your interest rate may be higher without a creditworthy cosigner.

15: Source of all statistics in this paragraph: Education Data Initiative, data as of August 20, 2023. Here is a link to the article

16: Savings that may be achieved are dependent upon a number of factors including, but not limited to, the following: loan amount, repayment term, repayment option, and interest rate.

If you have federal student loans that you are looking to refinance or consolidate, do your homework before you decide on a federal consolidation loan or refinancing with a private lender. If you consolidate your existing federal loan into a private refinance loan, you may lose valuable benefits, such as income driven repayment plans and potential loan forgiveness options that may be valuable to you in the long run.

Subject to credit approval, loans are made by Brazos Education Lending Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Brazos Education Lending Corporation or its affiliates. Bank of Lake Mills is not affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. We are currently unable to lend to residents of the states of Colorado, Connecticut, Iowa, Maine, Maryland, New Jersey, Nevada, Oregon, Puerto Rico, and South Dakota.

BRAZOS AND BANK OF LAKE MILLS RESERVE THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Brazos Loans are private education loans and do not have the same repayment or forgiveness options as are offered through the Federal Student Loan Program. Program restrictions, other terms, and conditions apply. All loans are subject to individual approval and adherence to eligibility requirements and underwriting guidelines. Not all borrowers receive the lowest rate. If approved, your actual rate will be within the range of rates listed in this website and will depend on a variety of factors, including whether your loan has a fixed or variable interest rate, the term of the loan and your credit score. Rates and Terms are subject to change at any time without notice.

The use of the term "Brazos" refers to either Brazos Education Lending Corporation or Brazos Higher Education, as the context dictates. Go to About Us to learn more.

None of the information contained in this website constitutes a recommendation, solicitation or offer by Brazos or Bank of Lake Mills to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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