1. To qualify, you must submit and complete a refinance loan application through one of the "Get Started" links on this page. Once you are approved for the loan and the loan is fully disbursed, as long as you don’t cancel the loan, you will receive a check in the mail at the address listed on your loan application within 8 weeks. Limit one award per individual. BRAZOS RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND/OR REWARDS AT ANY TIME WITHOUT NOTICE.
2. Credit Review and Approval. If you choose to apply for a Brazos Refiannce 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.
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.
(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 %.)
4. Using the Student Loan Refinance Rates & Terms resource does not constitute an offer to receive a loan and will not solicit a loan offer. Any rates, terms, calculated payments and savings will depend on the actual amounts for which you are approved, should you choose to apply.
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.
5. 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.
6. Brazos Refinance 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 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 Brazos variable rate 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.
7. Brazos Refinance Loan rates as of November 1, 2019. The rates, terms and calculated payments are estimates only. Calculated monthly payments and total payments based on a $10,000 loan and assume that the interest rate remains constant throughout the life of the loan and that the loan will be repaid in equal monthly installments. 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 Find my Rate resources applicability to your circumstances.
8. Brazos Refinance Loan variable interest rates shown are indexed to the one-month LIBOR rate. The Loan Calculator assumes a 1 month LIBOR rate of %. The actual 1 month LIBOR rate may differ and change monthly. This may cause your payment to increase or decrease after disbursement. Variable interest rates are capped and will never exceed 9.90%.