The repayment term begins 6 months after the borrower graduates or ceases to be enrolled at least half-time in a degree granting program. Once repayment begins, the borrower has 10 years to repay the loan.

The loan proceeds will be sent to the school by check or through electronic funds transfer (EFT). The check will be mailed within 6-10 business days of us approving your application.

All loans are variable rate loans. Therefore, the interest rate fluctuates over time, resetting quarterly. The interest rate is computed as follows:

Interest Rate = Base Rate + Loan Margin

The Base Rate is a variable component which resets quarterly based on the average Three Month LIBOR (London Interbank Offered Rate) Index. The LIBOR Index resets on the first business day of each of the three months immediately preceding each quarterly adjustment date. Interest rates adjust quarterly on the first day of January, April, July and October.

The Loan Margin stays constant for the life of the loan and is determined at loan inception, depending on the borrower's FACS Grade.

Yes. Borrowers are offered a 1% interest rate reduction once they have repaid 10% of the loan. For example, if you took out a $10,000 loan and after making loan payments have a $9,000 balance, the interest rate on the loan will be reduced by 1%.

The LIBOR Index (London Interbank Offered Rate) is equal to the average of the Three Month LIBOR rates as published in the Wall Street Journal.

Unpaid interest accrues while the borrower is in school. Upon entering repayment, all accrued and unpaid interest is capitalized (or added) to the principal balance once at the time repayment begins. All unpaid interest also accrues during periods of Deferment and is capitalized once at the time a loan reenters repayment.

Borrowers receive electronic monthly statements summarizing all account activities. Each borrower and cosigner also receives a copy of the Loan Agreement, applicable Disclosure Statements and an annual privacy policy. All documents are made available to the borrower and cosigner electronically.

Borrowers may request Forbearance, due to economic hardship, for up to 18 months over the life of the loan. Borrowers are eligible to receive three Forbearance periods up to 6 months each. However, only one Forbearance period may be requested in a calendar year. Interest continues to accrue during Forbearance.