The repayment period begins ten months from the date you cease to be at least a half-time student. The first nine months is a grace period during which no interest accrues and no payment is due. Interest begins to accrue at the end of the nine month grace period.
Interest is computed on the unpaid principal balance.
Interest charges are figured to the nearest first of the month from the date payment is received. Subsequent Payment Payments will be due on the first of the month, until the loan is paid in full. Unless the proper deferment form, cancellation form or payment arrived before the due date, the University will assess late charges. Filing and paying in a timely matter is the borrower's responsibility. The University has the option of declaring the entire amount of principal and interest of your loan immediately due and payable if the scheduled payments are not made when due.