Your grace period will begin as soon as you cease to attend an eligible school at least half-time. The terms and conditions of your loans are specified in the promissory note. The note is a legal and binding document. You may use this chart to get an idea of your approximate monthly payments, depending on how much you borrow, for a 10 year repayment period. Monthly payment amount remains constant over the life of the loan.
Monthly payments begin at a lower amount and increase at set intervals over the life of the loan.
Monthly payment is linked to ability to pay based on income. You are entitled to repayment periods of at least five years as long as your monthly minimum payments are met. You have the right to prepay any part of your loan at any time without penalty. You may exercise any consumer protection rights under federal or state law applicable to federally guaranteed student loans. You are entitled to a copy of your Repayment Schedule and Disclosure Statement.