May. However, at the Medical University of South Carolina, students may be enrolled in one of several different academic years depending on when they start their course of study. The maximum amount of loan funds that can be borrowed from a loan source during an academic year. Awards are usually in the form of an aid package combining funds from a variety of programs. Students are notified of their aid package in an Award Letter. Deferments are authorized periods of time during which students are not required to make loan payments.
All deferments require the prior approval of the lender.
Grace Periods are specified periods of time authorized by some loan programs preceding the repayment of the loan. During the Grace Period, no payments are required and no interest will accrue for which the student is liable on subsidized loans. Need is defined, for the purpose of computing financial aid, as the difference between the student's cost of attendance and student's resources for the academic year. Financial aid is also considered a resource.