How will I repay my loan?
You’ll be making either $20 minimum or interest-only payments on your loan each month during your in-school period for up to 51 months.
Loan repayment begins six months after graduation* Example: if you graduate in May your first payment would be due in November. Your loan repayment period is 10 years (120 months).
However, you can always make extra payments if you wish before the repayment period starts post-graduation. Those payments will reduce your loan balance. We report your in-school payments to credit bureaus. On-time payments should help to improve your credit score.
*Your repayment period will begin sooner if you discontinue your eligible college program or are no longer enrolled full-time in an eligible school.
Loan repayment begins six months after graduation* Example: if you graduate in May your first payment would be due in November. Your loan repayment period is 10 years (120 months).
However, you can always make extra payments if you wish before the repayment period starts post-graduation. Those payments will reduce your loan balance. We report your in-school payments to credit bureaus. On-time payments should help to improve your credit score.
*Your repayment period will begin sooner if you discontinue your eligible college program or are no longer enrolled full-time in an eligible school.
Return to FAQ
