This interest free loan has a six (6) month initial grace period. All payments made during the grace period and repayment
period are interest free.
Repayment
The first monthly payment will be due seven (7) months from the time you cease to be at least a half-time student and all
payments are due in the office by the first of the month. The minimum monthly payment will be at least $30.00.
Prepayment
The borrower may prepay all or any portion of the principal at any time. If you remit more than the amount due for an installment,
the excess will be applied to principal. Note, if paying in advance, you must remit the total installment amount.
Deferments/Cancellations (Perkins, Nursing and Schell Loans)
The borrower should refer to their promissory notes for the specific deferments and cancellations available to them. All deferment
and cancellation privileges are discussed during the exit interview, as well as provided with the loan exit materials. A deferment/cancellation
can be processed only after timely remittance of a properly certified deferment/cancellation form and all required supporting
documentation. The borrower may lose deferment/cancellation benefits if they fail to file the request on time.
