Interest rates are usually lower than commercial loans. Remember, these loans are for relatively short periods of time, one to twelve months, and must be repaid in full on the due date. Apply for other short term loans at the Financial Aid Department Loan Office on the second floor of the Pavilion. Interest rates vary for different types of loans, so be sure and always ask for the lowest cost loans. Long Term Loans Use long term loans such as federal Perkins, Stafford, Parent and Plus loans whenever you need long term assistance to pay your educationally related expenses.
Interest rates can be very low, depending on the program.
The repayment terms of most long term educational loans is ten years. For some long term loans, like Plus and Parent, repayment begins while you are still in school. Apply for long term loans in the Financial Aid Department on the second floor of the Pavilion. Long term loans may take several weeks or longer to process. If you think you will need long term assistance, apply early.