Undergraduate Loan > Repayment Terms

Repayment Terms

  • Take up to 20 years to repay (up to 25 years for loans of $40,000 or more)*
  • No prepayment penalties
  • Minimum monthly payment as low as $25*
*See Repayment Examples below for important details.

Repayment Options

You have one of three repayment options to choose from to fit your financial situation and education plans.

Option 1 – Immediate Repayment-For Maximum Savings Over the Life of the Loan

Pay principal and interest in a fixed monthly amount beginning approximately 45 days after funds are disbursed.

Option 2 – Interest-Only Repayment-For Lower Monthly Payments While in School

Defer principal and pay only interest while you are enrolled in school for up to 4 consecutive years (up to 5 years if enrolled in a 5-year program). Interest payments begin approximately 45 days after disbursement. Repayment of principal and interest begins approximately 45 days after graduation or when you cease to be enrolled at least half-time.

Option 3 – Deferred Principal & Interest Repayment-For No Monthly Payments While in School

Make no payment while you are in school for up to 4 consecutive years (up to 5 years if you are enrolled in a 5-year program). Repayment of principal and interest begins approximately 180 days after graduation or when you cease to be enrolled at least half-time. Interest that accrues during the in-school deferment period is capitalized at the time your loan enters repayment.

Repayment Examples

Repayment examples contain helpful data providing you with important information about the details of your loan, fees (if any), and monthly payments. Repayment examples also show you how the Annual Percentage Rate (APR) is derived. The APR is a measure of what a loan will cost. It takes into account the interest rate, fees, length of the loan, and the timing of all payments.

Select the loan amount that best reflects your expected needs to view repayment examples for the undergraduate loans.

Rate: LIBOR Index Prime Rate
Amount: