The Semester Plan includes no initial fees or interest. This plan also offers Life Benefit Coverage at no additional cost. You can estimate your monthly payment by calculating the base figure for monthly payment plans in the worksheet and dividing it by 10. Some rates are fixed rather than variablefixed rates will protect you from rising interest rates. The length of the repayment term will varya longer term of repayment usually results in lower monthly payments.
Some programs permit interest-only payments during periods of enrollment.
Interest-only payments enable you to keep the monthly payments as low as possible during the period of enrollment but will increase either the length of repayment or the size of the monthly payment after graduation. Some programs provide the option of home equity security, which may enable you to deduct the interest on your federal income tax return. The fees you will pay for the paperwork necessary to secure the loan with home equity will vary. The Federal Tax Payer Relief Act of 1997 includes tax deductibility of some federal education loan interest payments for eligible filers. We encourage you to call Student Financial Services or the Office of Admissions and Financial Aid if you would like to discuss the questions listed here or if you have other concerns.