THIS CALCULATOR DOES NOT TAKE INTO ACCOUNT THE INTEREST WAIVER OR PAYMENT SUSPENSION AS PART OF THE GOVERNMENT’S COVID-19 RESPONSE WHICH COULD IMPACT YOUR DECISION TO TAKE OUT A LOAN WITH BRAZOS. FOR MORE INFORMATION SEE THE FAQS

 

How much could you save with a Brazos Parent Loan1?


BEFORE YOU PROCEED WITH THIS CALCULATOR: There are current relief measures in place for Federal Direct Parent Plus Loans that reduce the interest rate for Federal Direct Parent Plus Loans to 0% for a period of time. These relief measures are not permanent but are in place indefinitely. Once the relief measures are lifted, the interest rate for all Federal Direct Parent Plus Loans is expected to return to the normal rate. This Calculator DOES NOT take into account these special periods of zero interest and is only accurate assuming the normal interest rates are being charged. Please click here for more information on the relief measures and other important information.


A Brazos Parent Loan can help you pay for your student's college education.
With no fees, low rates and more available repayment terms than the Direct Parent PLUS loan, they can save you money, too.
Use the calculator below to compare a Brazos Parent Loan to the 10-year Direct PLUS Parent Loan.

Amount you want to borrow

$

Select your credit score 2

Select your loan type

Select your loan term3

 
0%APR4

Compared to the 7.35% Direct
PLUS Parent Loan Rate

$0Origination Fee Saved5

Assumes Direct Parent PLUS
Loan Origination Fee of 4.248%

$0Interest Savings5

Compared to the 10-year
Direct PLUS Parent Loan

$0Total Savings5

Your estimated monthly payment with a Brazos Parent Loan would be $, compared to an estimated monthly payment of $ with a Direct PLUS Parent Loan.
Selecting the 15-year or 20-year term may result in a lower monthly payment, but may not save you money over the life of the loan.

Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate and assume a one-month LIBOR rate of %.




Brazos Parent Loan Features

Save Money

Great low rates can save you money over the life of the loan, allow you to pay off your debt sooner, or lower your monthly payments.

Zero fees

Origination fees can mean borrowing more than the actual cost of college. Unlike the Direct Parent PLUS program, we don't charge origination fees. Ever.

Choose your term

Customize your loan to fit your financial goals.
5, 7, 10, 15 and 20-year repayment terms available.3

Not just for parents

The Brazos Parent Loan is available to parents, grandparents, and other credit-worthy family members and friends of the benefiting student.

For graduate students, too

Unlike the Direct Parent PLUS program, parents may use a Brazos Parent Loan to finance the cost of a graduate degree, including medical, law, MBA and other professional degrees.

Approval in minutes

Save time with our quick, online application.
Get pre-approved in minutes.6

Disclaimers

1. Brazos Parent Loans are originated by Brazos Education Lending Corporation.

2. Credit score used is the Transunion FICO Score 8, which is based on information from TransUnion and may differ from other credit scores. FICO is a registered trademark of the Fair Isaac Corporation.

3. The tables below contain the estimated monthly payments, estimated total interest, and estimated total cost of a $10,000 loan at the median fixed and variable rates for each of the terms we offer.

Fixed Rates

Term Median APR Number of Payments Estimated Monthly Payment Estimated Total Interest Estimated Total Cost
5 Year

%
60 $

$

$

7 Year

%
84 $

$

$

10 Year

%
120 $

$

$

15 Year

%
180 $

$

$

20 Year

%
240 $

$

$

Variable Rates

(Variable APRs and amounts subject to increase or decrease. Variable rates are indexed to the one-month LIBOR rate and assume a one-month LIBOR rate of %.)

Term Median APR Number of Payments Estimated Monthly Payment Estimated Total Interest Estimated Total Cost
5 Year

%
60 $

$

$

7 Year

%
84 $

$

$

10 Year

%
120 $

$

$

15 Year

%
180 $

$

$

20 Year

%
240 $

$

$

4. Brazos Parent 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%. Lowest variable rate of % APR assumes current 1 month LIBOR rate of % plus a % margin minus the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. If approved for a Brazos Parent 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 variable rate Brazos Parent loan, the 1-month LIBOR 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 LIBOR 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.

5. The rates, terms, calculated payments, total interest, and total savings amounts are estimates only. The calculator assumes that the amount of the financial need is disbursed to the school in two equal installments six (6) months apart. The calculator assumes that no payments are made between disbursements and that you begin making payments approximately 30 days after the loan amount is fully disbursed. Capitalized interest is calculated during this six month period at the interest rates shown. This capitalized interest is added to the amount of financial need 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 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. Please note that the interest rate will not remain constant for a variable rate loan although it is assumed to remain constant for purposes of this calculator. 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 Parent Calculator resources' applicability to your circumstances.

Using the Loan Calculator resource does not constitute an offer to receive a loan and will not solicit a loan offer. Any rates, terms, calculated payments and saving will depend on the actual amounts for which you are approved, should you choose to apply.

6. Credit Review and Approval. If you choose to apply for a Brazos Parent Loan and continue your application past the pre-credit eligibility stage, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for Brazos to be able to issue you a Brazos loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. The initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report(s). If you pass the initial credit review, you will need to provide acceptable documentation such as your income verification before the final loan approval.



BRAZOS RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Brazos loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. 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. Brazos loans are originated by Brazos Education Lending Corporation.

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


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