Generally, the repayment period is 20 years. There are no prepayment penalties on this loan. A variety of repayment options are available, including graduated repayment plans that allow you to make smaller monthly payments early in your career.
Monthly payments are calculated based on the amount borrowed, the repayment option selected, and whether payments are made on time. If the interest rate changes, the amount of the monthly payments will be reduced or increased accordingly. The minimum monthly payment is $50.
The first payment is due up to 9 months after you graduate or 9 months after your registration status drops below half time, whichever is earlier.
For more information on repayment, contact the lender or your financial aid office.