How long can I defer the loan? Can I defer payments until I’m done with school?

If you choose the deferred repayment option, full principal and interest payments can be deferred as long as the student remains enrolled at an eligible school at least half-time. For undergraduate and graduate loans, full principal and interest payments would begin 6 months after the student graduates or drops below half-time enrollment. For health professions loans, full principal and interest payments would begin 9 months after the student graduates or drops below half-time enrollment.

Borrowers working toward their undergraduate degree have up to 60 months to complete their degree. Borrowers working toward their graduate degree (inclusive of MBA and Law) or certificate have up to 36 months to complete their degree or certificate. And borrowers enrolled in a medical program or internship have up to 48 months to complete their program before full principal and interest repayment begins. Those borrowers who have selected immediate repayment and Parent Loan borrowers will begin full principal and interest payments upon full disbursement of the loan.

To learn how different repayment options can affect your monthly payment amount and what you might pay overall for the loan, check out our repayment options and examples page.