Need-based loans are typically low interest and require no payment of principal or accrual of interest while the student is enrolled at least half time. Payment of principal and interest begins six months after the student ceases to be enrolled at least half time. Variable interest rate is adjusted annually. Interest payments can be deferred while student is in school. Principal and interest payments begin six months after student ceases to be enrolled at least half time.
Interest begins accruing after first disbursement.