A STUDENTCHOICE Education Loan can help both full-time and part-time students with financing education expenses while attending college or university. You only pay interest on the amount outstanding while you are a student. After you complete your program or are no longer enrolled, you will have up to 1 year before you are required to set up a fixed payment schedule.
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There are two different types of student loans: federal and private. Most experts agree that the best student loans come from the federal government. These fixed-rate loans usually offer lower interest rates and greater borrower protections than private loans. When you choose a private loan, your credit score (and that of your co-signer, if you have one) will impact the student loan interest rates you’re offered.
This is how long you have to pay back your loan. Usually, this term is between five and 20 years. A shorter term means higher monthly payments, but you’ll usually pay less in interest fees and be debt-free sooner.
A fixed rate student loan locks in the rate that will be applied to your loan through your entire loan term. The rate will not change.