Undergraduate
and graduate borrowers may borrow annually up to the lesser of the cost
of attendance or $30,000 ($40,000 for certain schools where it has been
determined that the annual cost of attendance exceeds $30,000) and up
to the aggregate amount of $130,000. Borrowers in Continuing Education
and K-12 loan programs may borrow annually up to $30,000 and up to the
aggregate amount of $130,000.
Undergraduate students may
choose to defer repayment until six months after graduation or ceasing
to be enrolled at least half time in school. Interest only and
immediate repayment options are also available. Graduate repayment is
automatically deferred. Continuing education borrowers begin repayment
the earlier of a) 180 days after the student graduates or earns a
certificate; b) 180 days after the student ceases to be enrolled; or c)
two years after the date of the loan disbursement. K-12 loans are
immediate repayment loans.