The variable interest rate is changed every July 1. Repayment begins 60 days after disbursement. Loan approval is based on creditworthiness and ability to repay the loan, not on financial need. No payments are required while the student borrower is enrolled at least half-time. Individuals opting to pay installments should budget for a maximum of 10 months.
Equal payments are to be made monthly.
There is no interest charge. No-charge life insurance is an added feature.