if approved, receive it in a single lump sum. A home equity loan has a fixed interest rate and a fixed payment schedule for the entire loan term. It is sometimes called a home equity installment loan or an equity
Student loansare structured as installment loans, requiring principal and interest payments and coming with a definitive term. Interest is amortized over the life of the loan and payments remain the same if the rate is fixed. This allows for predictability in making payments and estimating the tota...