Note that the allocation of these resources is contingent upon student eligibility and the availability of funds. In order to qualify, students must be enrolled at least half-time and demonstrate financial need and eligibility according to federal guidelines. While enrolled in school the interest on this loan is paid by the federal government. Repayment begins either six months from the date of graduation or sooner if the student becomes enrolled less than half-time. Unlike the Federal Stafford loan, however, the federal government does not pay the interest on this loan while students are enrolled in school.
Interest begins to accrue the moment the loan is disbursed.
Students may elect to pay this interest or have it added to the original amount of the loan at repayment. Repayment dates and terms are equal to that of the Federal Stafford Loan. However, due to limited funding for this program, the amount of this loan depends upon student eligibility and the availability of funds. In order to qualify, students must be enrolled full-time and demonstrate financial need and eligibility according to federal guidelines. Repayment begins 9 months from the date of graduation or sooner if the student becomes enrolled less than half-time.