Borrowers must be a U.S. citizen or have a Permanent Resident Alien Card. Undergraduate students may be required to have a creditworthy co-signer. Graduate students with a satisfactory credit history may qualify without a co-signer. The better the borrower s credit, the lower the interest rate.
Interest rate is determined at the time the loan is made.
Students may choose to pay interest only or interest and principal while in school. Repayment begins six months after completion of studies or five and one half years after disbursement of the loan. Upon entering repayment, borrowers can choose even payments or graduated payments. The APR may increase after the loan is made.