Repayment of your loans may be deferred , or forbearance for certain reasons without a penalty. Some student loans may be partly or entirely canceled if you perform certain services. These loans are non-need based and will usually have a higher interest rate. The interest rate is adjusted each year, normally in July. Your parents will be notified of any interest rate changes throughout the life of their loan.
Interest is charged on the loan from the first date of disbursement until the loan is paid in full.
Usually, repayment must begin within 60 days after the final loan disbursement for the academic year. There is not a grace period for these loans. Your parents must begin repaying both the principal and interest while you are enrolled in school. Work-study jobs can be located on or off campus. Some jobs may be related to your field of study, but others may not.