Deferment of repayment

Principal and interest payment are automatically deferred for up to 60 months while the student is continuously enrolled in an approved school at least part-time. Interest will continue to accrue and will be added to the loan amount once repayment begins.

Monthly payments

No payments are required until six months after the student graduates. The repayment period is up to 20 years, with a minimum monthly payment of $50. There are no penalties for prepayment. However, if the monthly payment is not paid within 15 days of the due date, a late fee will be charged.

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Payment difficulties

If you are having trouble making the loan payments, talk to us before you miss any payments. It may be possible to be granted a forbearance, which can buy you more time.

Tax deductions

As a general rule, interest paid on Federal and private student loans is tax deductible for borrowers who meet certain income criteria. Your tax advisor can provide specifics. To learn more, visit http://www.kiplinger.com/features/archives/2007/01/educationtaxopedia.html.