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It is typical of loan companies to offer terms of payment for 1 month to 5 years for borrowers to be able to pay the debt. It is a better idea for the borrower to arrange for a shorter period of time to pay the debt. This is due to the debt becoming bigger through time because of the interest rates that come with it. It is also a better idea to pay as soon as possible because having a debt is never a good thing. In general, the repayment term of short term loans for $1000 – $1,500 is 30 days. However, most lenders will allow you to extend your loan by paying a fee. your next pay date. Because Perkins Loan funding is limited, and money is issued on a first-come first-served basis, it is imperative that you file your FAFSA as early as possible if you are counting on this type of aid. Three important factors influence the amount of your Perkins award:
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