Help Your Student Pay for College

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.22

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Texas Extra Credit Parent Loan Features

Learn more about Texas Extra Credit’s program features, valuable borrower benefits, and repayment options below.

    Fixed Interest Rates

    Competitive fixed interest rates from 2.79% (with Auto Pay Discount28 ) to 7.60% APR23

    15-Minute Application

    Complete your loan application online in as little as 15 minutes - initial credit decisions are typically made within minutes129

    Compare Loan Scenarios

    Within the application you can compare loan scenarios by selecting different repayment terms, options, and interest rates

    Flexible Loan Limits

    Borrow from $1,000 to $65,000 annually - loans can even be used for past due balances26

    Zero Fees

    No application, disbursement, or origination fees

Borrower Benefits

    Auto Debit Benefit

    Reduce your interest rate by 0.25% when you sign-up for auto debit payments from a savings or checking account.28

    Death Forgiveness

    As an added measure of protection, borrowers may be released from any obligation.130

    TPD Forgiveness

    Texas Extra Credit Education loans offer a Total and Permanent Disability (TPD) discharge program.131

Repayment Options

Choose from a 5-year, 10-year, or 15-year repayment term with one of three repayment options.

    Immediate Repayment

    Principal and interest payments begin 30-60 days after the last disbursement.

    Interest-Only Repayment

    Principal is deferred for up to 60 months from the date of the first disbursement while you’re enrolled at least half-time, and interest payments begin 30-60 days after the first disbursement.

    Fully Deferred Repayment

    Principal and interest is fully deferred for up to 60 months from the date of the first disbursement while you’re enrolled at least half-time.

Eligibility Requirements

  • The student beneficiary must be enrolled at least half time in a degree-granting program (as certified by the school) at an approved school
  • The borrower must be a permanent resident of Texas
  • The borrower must be at least eighteen years old at the time of the loan application
  • The borrower must meet certain income requirements and must submit verification of current income
  • The borrower must be a United States citizen/national or lawful permanent resident alien of the United States

Start Your Application Today

Completing the online loan application takes as little as 15 minutes. And the application makes it easy to mix and match loan options, and compare loan scenarios, so you can select a loan that’s right for you.

Here's what you'll need to apply:

  • Bio/Demo Information

  • Employment History

  • Financial Information

  • Student Beneficiary’s School Information

  • Student Beneficiary’s Bio/Demo Information

  • Reference

And don't worry, if you don't have all of the necessary information to complete your application, we'll save it (securely) for you.


Important Notice

We highly recommend students apply for and utilize all federal student aid programs through the Free Application for Federal Student Aid (FAFSA) at prior to applying for any private education loan.

Higher Education Servicing Corporation

M-F, 8am to 5pm CT

Loan Information FAQs

No, anyone can apply on behalf of the student beneficiary.

Unfortunately, we do not allow cosigners to be added to a Parent Loan.

The Texas Extra Credit Education loan program is only available for Title IV eligible institutions that offer a Bachelor’s degree or higher.

Yes, you can borrow funds through our loan program to cover the cost of housing and meal plans; however, the student’s school must certify your loan application indicating the loan amount you are eligible to receive based on the student’s financial aid/need.

The minimum loan amount is $1,000 and the maximum you can borrow is determined by the school the student is attending but is limited to the lesser of the student’s cost of attendance less other aid or $65,000.

No, there are no origination or disbursement fees.

The lender for the Texas Extra Credit Education Loan program is Higher Education Servicing Corp., a Texas-based private, non-profit organization established in 1978 to ensure Texas students and families have access to low-cost education loans in order to achieve a higher education.

Credit Information FAQs

The credit check serves two main purposes. First, it is used to verify the identity of the person signing the application. Second, it's used for qualification purposes and helps us offer you the best pricing we can based on your credit history.

The initial credit review considers all of the information you provide during the application process, and the information obtained from your credit report. If you pass the credit review, we will need to receive your income verification documents, signed Loan Agreement and Applicant Self-Certification Form and the Student Consent Form (to be completed by the student beneficiary) before final loan approval.

Application Information FAQs

No, you are not required to apply for Federal Aid before applying for our loan program.

The loan application must be completed online to be accepted for review. If you are unable to electronically sign your application, it can be uploaded, faxed or mailed to our offices.

The approval process can take from 1 - 2 business days depending on how quickly you’re able to submit all required documentation. Once the loan has been approved and you have signed the loan application, we will send the School a request to certify the loan. It normally takes schools anywhere from 8 – 12 business days to complete this certification request depending on the time of the year.

We recommend that you begin the application process at least 30 days before the semester begins – this should allow for ample time to complete the application and submit any required documentation.

Personal & Financial Information FAQs

U.S. Citizen - A person who was born in the United States, including the lower 48 states, Alaska, Hawaii, Puerto Rico, Guam, and the U.S. Virgin Islands; or who became a citizen through naturalization; or who was born outside the United States to U.S. Citizen parents under qualifying circumstances (derivative citizenship) and who has not renounced U.S. citizenship.

Permanent Resident - Any person not a citizen of the United States who is residing in the U.S. under legally recognized and lawfully recorded permanent residence as an immigrant. Also known as "Permanent Resident Alien," "Lawful Permanent Resident," "Resident Alien Permit Holder," and "Green Card Holder."

No, all funds are sent directly to the student beneficiary’s school. Once the student’s tuition and fees (and any other amount they may owe the school) are satisfied, any excess funds will be disbursed to the student by the school.

Your reference can be anyone over the age of 18, as long as he or she is not living at the same address as you.

We need a personal reference as an additional means of contacting you during the servicing of your loan.

We use your Social Security number to verify your identity and to check your credit history.

Primary sources of income typically reflect employment earnings but may also come from other sources such as retirement or rental income.

Higher Education Servicing Corporation administers its Texas Extra Credit Education Loan program under the authority provided to it in Chapter 53B of the Texas Education Code, which limits our program to serve only Texas residents.

Repayment Information FAQs

No, you can pay your loan off early regardless of your repayment terms without any penalty. You will only be charged the amount of interest that has accrued on the loan until the day the loan is paid off.

If you select the Immediate Repayment option or Interest-Only Repayment option, you will be responsible to make payments on the loan while the student beneficiary is enrolled in school. If you select the Full Deferment Repayment option, payments will be deferred for up to 66 months while the student beneficiary is continuously enrolled at an approved school at least half-time.