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Continuing your education is more important than ever, and so is making smart financial decisions when it comes to paying for that education - that's why we offer the Texas Extra Credit Professional Loan through our partner, Higher Education Servicing Corp. (HESC). The Texas Extra Credit Professional Loan was developed specifically to help Texas residents pay for college when scholarships, grants and federal aid aren't enough to cover the full cost of attendance.
To qualify for a Texas Extra Credit Professional Loan you must be enrolled at least half time in one of the following professional degree programs: Pharmacy (Pharm.D), Dentistry (DDS or DMD), Veterinary Medicine (DVM or VMD), Chiropractic (DC or DCM), Law (JD), Medicine (MD), Optometry (OD), Osteopathic Medicine (DO), Podiatry (DPM, DP or Pod.D), Clinical Psychology (Psy.D or Ph.D) or Nursing (MSN or DNP).
If your degree program is not listed above, you may be eligible for Texas Extra Credit Graduate Loan.
If you’re a parent, guardian or individual interested in taking out a loan on a student’s behalf, check out the Texas Extra Credit Parent Loan.
You'll be able to choose from one of the three repayment options below and your choice of a 5, 7, 10, 15 or 20-year repayment term:
Higher Education Servicing Corporation (HESC) is the lender and loan originator for the Texas Extra Credit Education Loan program(s). HESC is responsible for all private education loan processing and communications with the borrower(s) throughout the application process. Questions related to the application process or the status of your loan should be directed to HESC at info@hescloans.com. You can also contact HESC at 877-817-9158, Monday thru Friday from 8:00 a.m. to 5:00 p.m. CT.
We 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 student loan. If you decide to apply for a private loan, it is best to apply with a creditworthy cosigner as most student applicants do not meet the credit criteria. Having a cosigner may also help secure a lower interest rate.
Completing the online loan application takes as little as 5 minutes. And with Texas Extra Credit’s risk-free prequalification process, it’s easy to see what rates you may qualify for—helping you choose the loan that’s right for you and your goals!
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.
The minimum loan amount is $1,000 and the maximum you can borrow is determined by the school you are attending, but is limited to your cost of attendance less other aid.
Why can't I find my school on the approved school list?
The Texas Extra Credit Education Loan program is only available for Title IV eligible institutions that offer a Bachelor’s degree or higher.
Can I apply for funds to pay for housing and meal plans?
Yes, you can borrow funds to cover the cost of housing and meal plans; however, your school must certify your loan application indicating you are eligible to receive the loan amount requested.
The credit check serves two main purposes. First, it is used to verify the identity of all people signing the application. Second, it's used for qualification purposes and helps us offer you the lowest interest rate we can based on your credit history.
What factors are used in the initial credit review?
The initial credit review considers all of the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report. If you pass the credit review, you or your cosigner (if applicable) must provide documentation verifying your income. Additional information such as proof of identify may also be requested. The student borrower must also submit an Applicant Self-Certification Form and the loan must be certified by the student’s school before final loan approval.
Why should I have a cosigner?
A cosigner is not required if you meet the income and credit criteria. A cosigner’s income, FICO score and credit history may help you qualify for a Texas Extra Credit Education Loan. The cosigner may be released after the first 24 consecutive on-time payments of principal and interest are made on the loan.6
Do I need to apply for Federal Aid before applying for this loan?
We suggest you exhaust all Federal Aid, grants and scholarships before applying for this loan. However, completion of the FAFSA is not a requirement to receive a Texas Extra Credit Undergraduate Student Loan.
What options do you offer to complete the loan application?
The loan application must be completed online to be accepted for review. If you are unable to sign your application electronically, it can be faxed or mailed to HESC or uploaded through your online account with HESC.
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 who is not a citizen of the United States and 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."
Why is a personal reference needed?
A personal reference is needed as an additional means of contacting you during the servicing of your loan. If HESC is not able to reach the student or cosigner on the loan, they will contact your personal reference.
Primary sources of income typically reflect employment earnings but may also come from other sources such as retirement or rental income.
Is there a penalty for pre-payment or paying the loan off early?
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.
Which repayment type should I choose?
Making payments of any type during the in-school period can significantly reduce the total cost of your loan. If you select a repayment option that requires an in-school payment, all payments must be made on time during the in-school period.
1 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 and Applicant Self-Certification Form and we will need the certification from your school before the final loan approval.
2 The current fixed interest rates range from 2.89% to 9.24% in effect as of 7/1/2026. The fixed interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the applicant’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, the applicant(s) will be notified of the rate qualified for within the stated range. APRs range from 2.49% (with Auto Pay Discount5 and Graduation Benefit4) to 7.98%. Lowest rates are only available for the most creditworthy applicants. 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 is based on a $10,000 loan disbursed in a single transaction, a 5-year repayment term (60 months), an immediate repayment plan, an interest rate of 2.64%, and monthly principal and interest payments of $178.09. The lowest APR example includes a 0.25% interest rate reduction for payments via Auto Pay5 and a 0.25% interest rate reduction Graduation Benefit4 applied 25 months into repayment. The highest APR example is based on a $10,000 loan disbursed over two transactions, a 20-year repayment term (240 months), a deferred repayment plan with a deferment period of 60 months upon initial disbursement, a nine-month grace period before repayment begins, a 9.24% interest rate, and monthly principal and interest payments of $138.76. The fixed interest rate assigned to a loan will never change except as required by law or if you request and qualify for the Auto Pay Discount5 or Graduation Benefit4. Repayment terms and options available may vary depending upon the amount borrowed.
3 Program loans may be used to cover educational expenses for academic periods that end up to 180 days prior to the application date.
4 Student borrowers who earn a bachelor’s degree or higher will receive a 0.25% interest rate reduction if (a) they have made no more than one (1) late payment (more than 10 days late) on the loan, (b) they request the benefit from the servicer within one (1) year after graduation, and (c) they provide proof of graduation to the servicer. Borrowers are only eligible to receive one (1) 0.25% interest rate reduction Graduation Benefit per loan, regardless of the number of degrees they may earn. The interest rate reduction will only apply to the loan(s) you received for the degree earned. If you apply for an additional loan after receiving the initial interest rate reduction and you earn another bachelor’s degree or higher, you may request the interest rate reduction be applied to the subsequent loan(s) as long as you meet the stated eligibility requirements at the time of the subsequent request. The student must request this benefit via phone, email or mail and must provide either a certified copy of a diploma or a certified transcript. Upon the servicer’s review and acceptance of the student's documentation, the servicer shall send a confirmation letter stating that the graduation benefit has been granted.
5 An 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 will discontinue 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.
6 Request for the cosigner to be released can be made after the first 24 consecutive, on-time monthly payments (not later than ten days after the due date) of principal and interest have been made. At the time of request for cosigner release, the student borrower must (a) meet credit criteria in place for cosigner release, (b) be currently enrolled for automatic deduction of monthly payments from a savings or checking account at the time of the cosigner release application, and (c) must have had at least one payment deducted electronically from such bank account prior to the time of the cosigner release application. Lump sum payments will count as a single payment. If the borrower is granted a forbearance or makes a lump sum payment in excess of the monthly payment amount during the first 24 months of the Repayment Period that permits the borrower to skip one or more scheduled monthly payments, the borrower may lose the ability to qualify for the Cosigner Release Benefit.
7 If the student Borrower should die while enrolled at least half-time at an eligible institution, and the Loan is not in default, the student Borrower’s estate and each Cosigner (or Cosigner’s estate, if applicable) 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 death. If the student Borrower dies and the Loan is cosigned and does not qualify to be written down to zero, the Loan will be charged off and the Cosigner (or Cosigner’s estate, as applicable) will be released from any further obligation. The Servicer may attempt to file a claim against the student Borrower’s estate for any unpaid debt under this Credit Agreement. Any payments received from the student Borrower’s estate, less collection costs, will be applied to all applicable Loan(s). If the student Borrower dies for a Borrower only Loan and the Loan does not qualify to be written down to zero, the Loan will become a charge off Loan. The Servicer may attempt to file a claim against the student Borrower’s estate for any unpaid debt under this Credit Agreement. Any payments received from the student Borrower’s estate, less collection costs, will be applied to all applicable Loan(s). If a Cosigner dies, the Servicer will continue to service the Loan in accordance with the Credit Agreement as the student Borrower is still obligated to the debt. The Servicer may attempt to file a claim against the Cosigner’s estate for any unpaid debt under this Credit Agreement. Any payments received from the Cosigner’s estate, less collection costs, will be applied to all applicable Loan(s). If the student Borrower, Cosigner, or any of their respective estates are released from obligations under this section, no refund will be paid for prior payments made on the Loan.
8 In the event a student Borrower becomes Totally and Permanently Disabled, the student 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 student 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 student Borrower meets the TPD requirements set forth by the Lender, the Servicer shall write down any outstanding principal and accrued interest balance on the Loan to a zero balance (if the Loan has a Cosigner, the Cosigner’s obligation to the Loan will be canceled). For additional information regarding TPD or to request an application, contact the Loan Servicer.
9 An Internship/Residency Deferment may be available to student borrowers if 1) service in an internship program is required for the student borrower to receive professional recognition in order to begin professional practice or service, or 2) service in a medical internship or residency training program leads to a degree or certificate awarded by an institution of higher education, hospital, or a health care facility that offers postgraduate training. This deferment is awarded in 12-month increments up to twenty-four (24) months for Graduate/MBA Loan borrowers and thirty-six (36) months for Pharmacy, Dentistry, Veterinary, Law, Medicine, and Health Profession Loan borrowers.
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