The repayments for a new student loan, up to $5,000, start one month after the loan is disbursed. This loan is a small loan and the installments (that includes both interest and principal) need to be paid every month for the term of the loan, even during school.
The only option for deferred principal payments are:
- If you are in your last semester of school
- You have a verified job offer that you will start after graduation
If you meet this criteria, then you would be eligible to apply for interest only payments for 6 months. After the 6 months, you would then have to pay interest and principal payments.
For further questions regarding repayments please click here.