If you choose the interest-only repayment option, your interest-only payments will begin 30-45 days after the loan is fully disbursed. Your full principal and interest payments will begin 30-45 days after the student has graduated or left school. If you choose the immediate repayment option, your full principal and interest payments will begin 30-45 days after the loan is fully disbursed. The school determines the number of disbursements. The school may disburse the loan all at once, or they may divide the loan into multiple disbursements.