Students must be enrolled at least six (6) credit hours to remain eligible to receive loan funds. If you drop below 6 credit hours, your loan will automatically be canceled. You must begin loan repayment with the Department of Education if you drop below 6 credit hours. If you are attending school at least half-time, you may have a set period of time after you graduate, leave school, or drop below 6 credit hours before you must begin repayment. This period of time is called a grace period. Your grace period will be 6 months for the Direct Loan.