Before you proceed with a Brazos Refi Loan, please carefully consider the temporary COVID-19 relief benefits that were put in place by the federal government. (See our COVID-19 information page). In addition, with the incoming administration and changes in Congress, there is a real possibility of enactment of a program that will allow for Federal Loan Forgiveness for certain student loan borrowers. There are no specifics at this time, but it is more likely now than it was prior to the election that some form of federal student loan forgiveness program will be enacted. If you refinance any federal loans, including Federal Direct, FFELP or Federal Parent Plus loans, in to a Brazos Refi Loan, you will not be eligible for any federal student loan forgiveness on the federal loans that you included in the refinance.
As a result of this uncertainty, we cannot say that refinancing your federal loans in to a Brazos Refi Loan is in your best interest at this time. The decision, of course, is yours. Please weigh all of the factors and information available to you. We encourage you, before proceeding, to do the research and fully understand the possibility of federal student loan forgiveness, what the proposals cover, and what you may be giving up by proceeding to refinance your federal loans in to a Brazos Refi Loan.
If you decide not to include your federal loans in to a Brazos Refi Loan and you also have higher rate private loan(s) that you wish to refinance, you can always proceed with just your private student loans at this time.
Not sure if you have federal loans? Contact your servicer or click here to get more information.