Payments are made over a maximum of 5 years, with a minimum payment of $30 per month.
The David Monash Loan has no grace period. Interest will accrue at a simple 2% per annum immediately after graduation, unless you enter in an approved internship.
Repayment begins 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 David Monash 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. In order to qualify for a deferment, you must meet the specific eligibility requirements for that deferment type.