Payments are made over a maximum of 8 years, with a minimum payment of $50 per month.
The CCOM Loan has a 6-month grace period. Interest will accrue at a simple 5% per annum immediately after graduation, unless you enter into an approved internship.
Repayment begins 6-months after graduation, unless you enter into an approved internship and properly complete the necessary deferment forms. There is no prepayment penalty if you decide to pay your loan in full at anytime. You cannot include this loan in a Federal Consolidation Loan.
The CCOM Loan Program offers you a variety of deferment and forbearance options. You are entitled to have the repayment of a loan deferred under certain circumstances. To qualify for a deferment, you must meet the specific eligibility requirements for that deferment type.