PACE 1 offers the additional benefit of no interest during the student's tenure at Hendrix. This benefit allows all payments during the years at Hendrix to be applied to principle, dramatically reducing the amount owed following graduation. Both PACE 1 and PACE 2 offer the benefit of a program that allows families to borrow additional money each year without increasing monthly payments. No other student loan programs offer this benefit. Payments will vary only slightly following graduation, though the payment will remain fixed once it is established.
Payments begin within two months of the first disbursement.
Bills are sent, and payments are due monthly. The Standard Repayment Plan extends ten years beyond graduation. This is a family program, and families are required to continue payments without interruption until the loan is repaid. The PACE loan is a parent loan, and only the parent is obligated. Most parents make this decision in late spring or early summer.