How do I decide whether I should apply for a semester or a full year?

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Last Updated: December 10, 2024

 

When deciding whether to apply for a loan for a semester or a full year, consider the following:

 

Full Academic Year:
-Saves time by requiring only one credit inquiry.
-Simplifies the process, as you lock in your rate for the entire year.
-Interest is not charged until funds are sent to the school in multiple disbursements.

 

Single Semester:
-Ideal if you're uncertain about your future financial needs.
-Allows flexibility to reassess your borrowing requirements for subsequent terms.

 

During the school certification process, your school ensures your loan amount doesn’t exceed the maximum cost of attendance and sets the disbursement schedule.

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