Which Loan Is Right for Me?

HESC is a nonprofit organization dedicated to helping Texas students and their families realize their educational dreams through our Texas Extra Credit Education Loan program. We offer four, low-cost loan options:

Student Loan

For: Student borrowers attending an approved school at least half-time that may or may not require a cosigner for credit approval.

  • Student borrower and cosigner, if applicable, are jointly and severally liable for repayment of the loan
  • Up to 0.50% interest rate reductions
    • 0.25% for Graduation Benefit5
    • 0.25% for Auto Pay Discount6
  • 3 repayment options, 3 repayment terms
  • Competitive fixed rates
  • Cosigner Release7

Parent Loan

For: Parents, family members or other creditworthy individuals that wish to take out a loan on behalf of a student attending an approved school at least half-time.

  • Repayment of the loan is the sole responsibility of the borrower; the student holds no responsibility
  • 0.25% Auto Pay interest rate reduction6
  • Immediate, Interest-Only or Fully Deferred Repayment Options
  • 5, 10 or 15-year repayment terms
  • Competitive fixed rates

Graduate Loan

For: Graduate Students working on a masters, doctoral, law or professional degree and enrolled at least half time at an approved school.

  • Borrow from $1,000 - $65,000 annually

  • No origination, disbursement or application fees

  • Choice of 5, 10 or 15-year repayment term and three repayment options

  • Borrower must meet certain income and credit criteria to be eligible; a cosigner can be added to the application to meet the income
    and credit requirements

Refinance Loan

For: Borrowers with eligible federal and/or private education loans disbursed from a Title IV institution of higher education that wish to refinance their debt
into a single loan.

  • Federal Family Education Loan Program (FFELP) and Direct Loan (DL) Program Loans including Subsidized, Unsubsidized, Parent PLUS, Grad PLUS, Consolidation, Perkins, HEAL, SLS, HPSL and Spousal Consolidations

  • Private loans including Student, Graduate, Parent,
    Refinance and Consolidation Loans

Important Information Before Applying

Before applying for a Texas Extra Credit Education Loan, we highly recommend you apply for and make use of all federal student aid through the Free Application for Federal Student Aid (FAFSA®) at fafsa.gov. To learn more about the types of federal student aid available, when to apply and eligibility requirements, visit studentaid.gov.