Is the interest rate fixed over the life of the loan? April 03, 2019 17:16 Yes, the interest rate is fixed over the life of the loan. Related articles What interest rate can I expect? What can the loan be used for? How much will I pay per month while I’m in school? How much can I borrow? If I apply for $25,000 but my university only requires a smaller amount, do I pay for the whole loan?