Full Time Students: The deferment period is defined as the time you are attending the course, plus an additional two months after completion. Depending on the loan type you choose, there may be payments during this period.
- Interest-only type loans: These loans require interest payments during the deferment period. This means lower payments during the full loan repayment phase of 36 or 60 months.
- Deferred-type loans: These loans have the advantage of requiring zero payments during the deferment period. But, the interest is capitalized at the end of this period, and the monthly payments will be slightly higher than with interest-only type loans.
Evening Students: There is no deferment period on this loan type.