Schell Loan - Terms & Repayment

Interest/Grace Period

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 by the first of the month.

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. 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.