- Education loans have low interest rates.
- Most of them let you wait until you leave school to start making payments.
- When you do start repayment, you'll get tax breaks on the interest.
- They count as good debt and can actually help your credit rating.
But most importantly, these loans help you get to graduation day without having to rely on high-interest loans from private banks or taking time off to save up tuition money. Loans also help graduate students accomplish their academic goals when funding is limited.
Some loans—like Federal Direct, Federal PLUS, Graduate PLUS, and Federal Perkins loans—are offered by NJIT in conjunction with the federal government. Other private loans (including NJCLASS, which is issued by the HESAA) are issued by various lenders all over the country.
When you submit the FAFSA or the Renewal FAFSA, you're automatically considered for education loans; however, each type of loan has different eligibility requirements, repayment terms, interest rates, and maximum amounts.
To learn about the specifics of each type of loan, keep reading. For current news and the most up-to-date information on education loans, refer to our Financial Aid News & Events page.