Yes, if your loan is approved, you will be eligible to make reduced payments for 12 months. You may pay more than the reduced payment at any time with no pre-payment penalty. Should you pay more, your payment will be applied first to unpaid interest, then to principal and finally to any applicable fees or other charges. After 12 months, any unpaid interest will capitalize, and a new repayment schedule will be calculated to reflect your full monthly payment.