Student Loan Refinance
- Nonprofit lender
- Super low rates and no fees
- Can refinance certain loans from other people
- Must be a Texas resident
- Strict credit and income requirements
- Must have completed a bachelor’s degree or higher
- Can’t view prequalified rates without affecting your credit score
| Fixed rates (APR) | 3.60% – 6.40% |
| Variable rates (APR) | 4.09% – 5.24% |
| Loan amounts | $10,000 – $250,000 ($400,000 if you have a graduate or professional degree) |
| Repayment terms | 5, 7, 10, 15, or 20 years |
If you live in Texas and you’re looking to refinance your student loans, Brazos is likely one of your best options. You’ll need to meet qualification requirements that are a bit stricter than other lenders, but if you are approved, you’ll benefit from uber-low rates and a wider range of term length options.
As good as Brazos is, it doesn’t offer anywhere near the level of support that federal student loan borrowers receive, so it’s best to avoid refinancing federal loans with Brazos if this is a priority for you. But for most Texas residents with private student loans, Brazos is an excellent lender to consider.
If you’re looking for information about Brazos’s private student loans and not its refinance program, check out our Brazos Student Loans Review.
Table of Contents
How does Brazos student loan refinance work?
Brazos allows you to refinance the federal and private student loans you used to pay for your college education. You’ll need at least a bachelor’s degree to qualify, so those who only completed an associate degree or dropped out before graduating aren’t eligible.
Brazos is one of the few student loan companies that may allow you to refinance student loans from someone else’s name into your own—for example, if you and your spouse want to combine your student loan debt.
| Term | Details |
| Fixed rates (APR) | 3.60% – 6.40% |
| Variable rates (APR) | 4.09% – 5.24% |
| Loan amounts | $10,000 – $250,000 ($400,000 if you have a graduate or professional degree) |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Cosigner release? | Yes, after you’ve made 24 on-time payments (or prepaid by 24 months) and can qualify for the same pricing tier on your own |
Who is eligible to refinance student loans with Brazos?
In our experience, it’s rare for lenders to be as honest about Brazos about what you’ll need to qualify for student loan refinance. We found that you’ll need to pass a relatively high bar to get approved, compared to other lenders.
If you don’t meet the requirements yourself, you can always apply with a cosigner who does. You’ll still need to be a Texas resident.
| Requirement | Details |
| Min. credit score | 720 |
| Min. income | $60,000 per year |
| Citizenship | U.S. citizen or permanent resident |
| State of residence | Texas |
| Min. age | 18 |
| Graduation status | Completed a bachelor’s degree or higher |
If I’m not a Texas resident, can I still work with Brazos?
If you’re not a current Texas resident, Brazos student loan refinance isn’t an option for you. Brazos partners with our favorite online student loan marketplace, Credible, to help you find refinance options through other lenders.
Pros and cons
Let’s do a quick recap of the most important points about Brazos student loan refinancing compared with other lenders:
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Nonprofit lenderTaking out a student loan refinance with Brazos doesn’t guarantee that you’ll have an awesome experience on its own. But at least if you run into problems, you can rest assured it’s not because greedy owners are trying to squeeze you dry.
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Super low rates and no feesBrazos’s nonprofit status allows it to pass savings back to you in the form of the lowest interest rates on the market. In addition, it doesn’t charge any fees on its loans, aside from penalties for late payments.
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Can refinance certain loans from other peopleIt’s more than just your finances that changes after you graduate—it’s your entire life. By allowing spouses and other people to refinance their loans together, Brazos is more open to this idea than other lenders.
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Must be a Texas residentThe biggest drawback of Brazos loans is the limited number of people eligible for a loan. Texas may be one of the largest states in the country, but just 8.8% of Americans live there.
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Strict credit and income requirementsState residency requirements aside, Brazos makes it harder to qualify for student loan refinance than most other lenders. You’ll need a higher credit score and income than the average Texas resident.
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Must have completed a bachelor’s degree or higherTwenty percent of Texas residents have some college under their belt but haven’t finished a degree, while another 8% have earned associate degrees. Even though they live in Texas, they’re not eligible for Brazos student loan refinancing.
Alternatives
It’s always smart to compare your student loan refinance options because what each lender advertises may be different from what it can offer you. Before you commit to any particular lender, it’s wise to check your rates with other lenders.
Here’s a quick summary of how Brazos student loan refinance compares with three of the best student loan refinance lenders today:
SoFi vs. Brazos
SoFi is a bank with many different financial services, making it a solid option if you want to keep all your accounts with one company. It also offers a wide range of term length options, from five to 20 years. Although its rates are higher than Brazos’s, it offers an extensive benefits package to customers.
Credible vs. Brazos
Credible isn’t a student loan lender, exactly. It’s an online rate comparison website that allows you to check your rates simultaneously across several different lenders, including Brazos. It’s a great option for saving time when you want to compare your rates and loan choices among different lenders.
ELFI vs. Brazos
ELFI, like Brazos, is a nonprofit lender. Its rates are higher, but it’s available nationwide, and its lending qualifications are a bit more relaxed. You’ll need a credit score of 680 and an annual income of at least $35,000.
How to refinance your student loans with Brazos
Brazos generally makes it easy to refinance your student loans. Here’s how the process works:
Step 1: Find the refinance application page
Brazos offers many types of student loans. To apply for a refinance loan, you’ll need to click the green “APPLY NOW” button on the Brazos student loan refinance page or the main page.
Step 2: Check your basic qualifications
The next page will go over the biggest eligibility requirements, which is helpful because Brazos doesn’t offer a soft credit check to get preapproved like many other lenders. It’ll do a hard credit check, which can affect your credit score regardless of whether you go through with a refinance.
Step 3: Submit your information
Next, you’ll complete a five-page application with information about you, your financial details, and your loans. Once you get through this step, Brazos will let you know instantly whether you’re prequalified for a loan.
Step 4: Complete the application and receive funds
If Brazos prequalifies you for student loan refinance, you’ll be prompted to submit extra documents to back up information about your income, identity, and your current student loans.
It could take Brazos a few weeks to process this information, but once you’re approved, it will disburse funds to your old lender to pay off your old loans. You’ll start making payments on your new Brazos loans within 60 days after that.
How we rated Brazos student loan refinance
We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loan refinancing. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared Brazos to several student loan refinancing lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.
