While in enrolled at least half-time, a borrower may choose one of the following repayment options:

• Interest Paid: the borrower is immediately responsible for making full monthly interest payments on the loan while enrolled in school. Six months after leaving school or ceasing to be enrolled at least-half time in a degree granting program, the borrower enters repayment status and is responsible for making full interest and principal payments.
• Deferred Repayment: while enrolled at least half-time in a degree granting program, the borrower is only required to make monthly $25 Good Faith Payments during the Deferment Period. Any unpaid accrued interest is capitalized (or added) to the outstanding loan amount once at the end of the Deferment Period. After Deferment, the borrower enters repayment status and is responsible for making full interest and principal payments.

Deferment lasts while the borrower is enrolled in school at least half-time and includes a 6-month Grace Period once the borrower leaves school. During this time, the borrower is only required to make a $25 Good Faith Payment. Any unpaid interest continues to accrue during Deferment.

The Grace Period is a 6-month period of time that begins once a borrower graduates or is no longer enrolled at least half-time i in a degree granting program. After the Grace Period, the borrower must begin making regular principal and interest payments. Borrowers are required to make Good Faith or Interest Only Payments during the Grace Period.

A Good Faith Payment is a $25 monthly payment the borrower must begin making at loan inception and while the loan is in Deferment status. The Good Faith Payment helps the borrower demonstrate financial discipline and saves the borrower interest expense over the life of the loan.

All monthly loan payments are made via automatic electronic funds transfers to the servicer, Fynanz Inc., using the checking account designated during the application process. Please keep the account on file current. Should the borrower’s account balance be insufficient to make the payment, the servicer shall collect the payment from the cosigner’s account on file via automatic electronic funds transfer.

Borrowers are given a six month Grace Period once they graduate or separate from school before they enter repayment status. Once a borrower enters repayment status they are responsible for making full principal and interest payments.

Some students may not yet have found employment six months after leaving school; therefore, borrowers may request to pay just the interest expense on the loan for the first two years while in repayment status, this is referred to as the "Initial Interest Only" option.

Yes, a borrower may prepay the loan either partially or in full at anytime without incurring any fees or penalties.