 |
You are entitled to a "Grace Period". Your "Grace Period" lasts six months and repayment starts the day after your grace period ends. Your grace period begins the day after one of the following: |
|
| |
 |
You withdraw from school |
|
| |
|
Your attendance drops below half time |
|
| |
|
You graduate |
|
|
You may be eligible for "Deferments" (postpones payment due to one of the following qualifiers) |
|
| |
|
In School |
|
| |
|
Unemployment |
|
| |
|
Hardship |
|
|
You will not have a prepayment penalty on your Stafford Loans. |
|
| |
|
They are "Simple Interest Loans;" thus, the sooner you pay the less it will cost you! |
|
| |
|
If you had a Subsidized Stafford loan, the government paid the interest for you while you were in school. Therefore, if you pay the loan off during grace then you have had an interest free loan! |
|
|
You will receive a copy of your Promissory Note and Disclosure Statement when your loan is disbursed from your lender. |
|
| |
|
You will also receive a payment schedule notifying you when your payments will start. |
|
| |
|
When you pay your loan in full, you should receive a copy of your paid note. |
|
| |
|
If your loan is sold or transferred you will notified of that change and how that might affect you. |
|
|
You may combine repayment - if you have more than one loan, they will be treated as one loan in terms of billing (assuming the loans are all with one lender). |
|
