Cosden Federal Credit Union in partnership with Higher Education Servicing Corporation is offering the Texas Extra Credit Parent Loan program.
If you’re a parent, family member or other creditworthy individual interested in paying for a student’s higher education expenses, a Texas Extra Credit Parent Loan may be the answer you’ve been looking for! With competitive fixed interest rates, a variety of repayment terms and options and valuable borrower benefits, the Texas Extra Credit Parent Loan is a great, low-cost loan option to help a student achieve their higher education dreams without breaking the bank.
Learn more about Texas Extra Credit’s Parent Loan program features, benefits and repayment options below.
Apply NowWe highly recommend students apply for and utilize all federal student aid programs through the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov prior to applying for any private education loan.
Higher Education Servicing Corporation
1-877-817-9158
M-F, 8am to 5pm CT
info@hescloans.com
Check out our Parent Higher Education FAQs for more information about the Texas Extra Credit Education Loan.
Apply Now
Program Details
1The initial credit review is based on review of all the information the borrower provides during the application process and the information obtained from their credit report. If the borrower passes the initial credit review, they will need to provide acceptable documentation such as income verification and Applicant Self-Certification Form and we will need the certification from the student beneficiary's school before the final loan approval.
2The current fixed interest rates range from 2.99% to 7.38% in effect as of 7/6/2023. The fixed interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the student’s and cosigner’s (if applicable) credit histories (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. If approved, applicants will be notified of the rate qualified for within the stated range. APRs range from 2.74% (with Auto Pay Discount5) to 6.89%. The APR reflects the estimated total cost of the loan, including upfront fees, accruing interest and the effect of capitalized interest. The lowest APR example assumes a $10,000 loan disbursed in a single transaction; the highest APR example assumes a $10,000 loan disbursed over two transactions. The lowest current APR, based on a 5-year repayment term (60 months), an immediate repayment plan, monthly principal and interest payments of $178.53, has a 2.74% interest rate which includes a 0.25% interest rate reduction for payments via auto pay5. The highest current APR, based on a 15-year repayment term (180 months), a deferred repayment plan with a deferment period of 60 months upon initial disbursement, a six-month grace period before repayment begins, monthly principal and interest payments of $128.78, has an 7.38% interest rate. The fixed interest rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH reduction benefit(s) or Graduation reward. Repayment terms and options available may vary depending upon the amount borrowed.
3Program loans may be used to cover educational expenses for academic periods that end up to 90 days prior to the application date.
4If the student beneficiary should die while enrolled at least half-time at an eligible institution, and the Loan is not in default, the Borrower will be released from the Loan and the Servicer shall write down any outstanding principal and accrued interest balance on the Loan to a zero balance if the Servicer receives acceptable proof of death and proof of enrollment at an eligible institution at the time of the student beneficiary’s death. If the student beneficiary dies and the Loan does not qualify to be written down to zero, the Servicer will inactivate the student beneficiary record on the Loan and continue servicing the Loan in accordance with the Credit Agreement as the Borrower is still obligated to the debt. If the Borrower dies, the Loan will become a charge off Loan. The Servicer may attempt to file a claim against the Borrower’s estate for any unpaid debt under this Credit Agreement. Any payments received from the Borrower’s estate, less collection costs, will be applied to all applicable Loan(s). If the Borrower is released from obligations under this section, no refund will be paid for prior payments made on the Loan.
5An interest rate reduction of 0.25% is available for borrowers who make monthly electronic funds transfer (EFT) payments of principal and interest from a savings or checking account. To qualify, the borrower needs to arrange with the loan servicer to automatically deduct monthly principal and interest payments from a bank account. The automatic payment benefit may be discontinued and be lost for the remaining repayment period in the event any three payments are returned for insufficient funds over the life of the loan. This benefit is not available for interest payments made during the deferment period for the Interest Only Repayment option. This benefit may be terminated during deferment and forbearance periods but can be re-established if borrower reapplies at the end of the deferment or forbearance period.
6In the event a Borrower becomes Totally and Permanently Disabled, the Borrower, or his/her representative, may contact the Servicer by phone or mail to request information regarding the Lender’s Total and Permanent Disability (TPD) discharge. Any Loan that has not previously become a charged off Loan or that is not currently in default may be discharged due to the Borrower’s Total and Permanent Disability, as defined by the Lender’s TPD Terms and Application. The definition of TPD, the application form for a TPD discharge, the required supporting documentation, and other terms, limitations, conditions and requirements for a TPD discharge (“TPD Terms”) can be obtained by contacting the Lender or Servicer by phone or mail. The Servicer must receive a completed TPD Application within the timeframe stated within the application that complies with the requirements set forth by the Lender for a Loan to be discharged. If the Borrower meets the TPD requirements set forth by the Lender, the Servicer shall write off any outstanding principal and accrued interest balance on the Loan to a zero balance. For additional information regarding TPD or to request an application, contact the Loan Servicer.
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Cancel ContinueYou are leaving COSDEN Federal Credit Union’s website. Links that may be accessed via this site are for the convenience of informational purposes only. Any products or services accessed through this link are not provided or guaranteed by COSDEN Federal Credit Union. The site you are about to visit may have a privacy policy that is different than COSDEN Federal Credit Union’s. Please review their privacy policy. COSDEN Federal Credit Union does not endorse the content contained in these sites, nor the organizations publishing these sites, and hereby disclaims any responsibility for such content.
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Cancel ContinueYou are leaving COSDEN Federal Credit Union’s website. Links that may be accessed via this site are for the convenience of informational purposes only. Any products or services accessed through this link are not provided or guaranteed by COSDEN Federal Credit Union. The site you are about to visit may have a privacy policy that is different than COSDEN Federal Credit Union’s. Please review their privacy policy. COSDEN Federal Credit Union does not endorse the content contained in these sites, nor the organizations publishing these sites, and hereby disclaims any responsibility for such content.
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Cancel ContinueYou are leaving COSDEN Federal Credit Union’s website. Links that may be accessed via this site are for the convenience of informational purposes only. Any products or services accessed through this link are not provided or guaranteed by COSDEN Federal Credit Union. The site you are about to visit may have a privacy policy that is different than COSDEN Federal Credit Union’s. Please review their privacy policy. COSDEN Federal Credit Union does not endorse the content contained in these sites, nor the organizations publishing these sites, and hereby disclaims any responsibility for such content.
Cancel ContinueYou are leaving COSDEN Federal Credit Union’s website. Links that may be accessed via this site are for the convenience of informational purposes only. Any products or services accessed through this link are not provided or guaranteed by COSDEN Federal Credit Union. The site you are about to visit may have a privacy policy that is different than COSDEN Federal Credit Union’s. Please review their privacy policy. COSDEN Federal Credit Union does not endorse the content contained in these sites, nor the organizations publishing these sites, and hereby disclaims any responsibility for such content.
Cancel ContinueYou are leaving COSDEN Federal Credit Union’s website. Links that may be accessed via this site are for the convenience of informational purposes only. Any products or services accessed through this link are not provided or guaranteed by COSDEN Federal Credit Union. The site you are about to visit may have a privacy policy that is different than COSDEN Federal Credit Union’s. Please review their privacy policy. COSDEN Federal Credit Union does not endorse the content contained in these sites, nor the organizations publishing these sites, and hereby disclaims any responsibility for such content.
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