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Annual Percentage Rate:


Initial Grace Period

9 months
Post Deferment Grace Period 6 months
Repayment Period 10 Years

Deferment Types:
(Please refer to your promissory note for detailed information)

  1. Enrolled as a student on at least a half-time basis
  2. Enrolled as a student in a Graduate Fellowship program
  3. Unemployment (maximum deferment is 3 years)
  4. Economic Hardship (maximum deferment is 3 years)
  5. Rehabiliation training for disabled individuals
  6. *Military (loans disbursed after June 30, 2001, maximum deferment is 3 years)
    *Applies to period when borrower is servicing on active duty during a war or military operation, or national emergency, or performing qualifying National Guard duty during a war or other operation or national emergency.

Additional Deferment Types:
(available only for loans originated before July 1, 1993)

  1. A member of the U.S.Armed Forces (maximum deferment is 3 years)
  2. An officer in the Commissioned Corps of the U.S. Public Health Service
  3. Full-time, active duty member of the National Oceanic and Atmospheric Administration Corps
  4. Peace Corp or ACTION volunteer
  5. Temporarily totally disabled or caring for a disabled spouse or dependent
  6. Working mother (maximum deferment is 12 months)
  7. Parental leave (maximum deferment is 6 months)
  8. Medical Internship/Residency (maximum deferment is 2 years)

If you do not qualify for deferment or cancellation, you can apply for forbearance.