The start of your new repayment period is based on the date the new refinanced HEAL loan is made. You can always pre-pay all or part of your new loan without penalty. We encourage you to pay more than the minimum monthly amount whenever possible. Additional payments will directly reduce principal and will ultimately lower your total cost of repayment. Repay in equal monthly amounts.
Initial payments are higher.
Interest only payments during the first two years. Monthly payments increase in the third year, including both interest and principal. A 24-month period of reduced interest only payments will help you get your career and your ability to repay your loans established. You also begin reducing principal balance sooner than in option 3 and 4. Higher level payment amounts.