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TAMU > Finance > SBS > Student Loan Services> Loans/Borrowing Tools

Loans/Borrowing Tools

Short Term Loans

  • Use short term loans to pay for school related expenses, when you have money coming from home, a paycheck or other sources, but it won't arrive in time to pay your tuition bill or to buy books.
  • 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 "Emergency Tuition Loans" on-line at https://financialaid.tamu.edu/stlapp/.

Apply for short term loans or "Little Loans" ($30-$100)at the Student Financial Aid Department Loan Office, room 230 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 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 Parent Plus, 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. (a month or more lead time is a good idea)

Perkins Loans
  • Forbearance/Deferment/Cancellations/Total Disability
  • Repayment
  • Exit Counseling for your TAMU Perkins Loan
    • Additional Federal Student Loan Information
  • Federal Student Aid Ombudsman

    • Credit Cards

    How credit cards work.

    Many people think that credit cards are "free". In reality, you pay for the use of credit cards in every purchase you make. The merchant providing the service pays the credit card company and charges you in the price of the goods and services you buy (1.5% to 3% or perhaps more). If you pay your credit balance each month, that is all you pay, you won't be paying any interest on the charges. If you carry your balance forward, you will also be charged interest on your balances, up to 19% or more.

    Things to know about credit cards-

    • Credit cards can be a very handy tool for students if used correctly. If not, they can become a burden and can cost you a great deal in interest that you pay the credit card companies.
    • When applying for a credit card, look for the best deal. All credit cards are not the same!
      • Look for the lowest interest rate you can find.
      • Look for a card with no annual fee.
    • Use credit cards to buy things you would normally buy anyway like gasoline, groceries etc., but remember to deduct the amount you charge on your credit card from your checkbook. That way at the end of the month you will have the money in your bank account to pay your bill. Another way to do this is to deduct an amount from your checkbook each month, say $200, to cover the amount you charge on your credit card. Then limit your charges for the month to $200 or less.  (Remember, you can only spend your money once! After that you are spending the credit card company's money, and they charge you big time for the privilege!) 
    • Paying balances in full at the end of each month is the best way to make sure that credit card debt does not get out of hand. You should avoid using credit cards to buy things that you could not afford to buy if you did not have one. Even small card limits of $500 to $1,500 can seem enormous when you don't have the money to pay your balance, and interest charges begin stacking up every month. 
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