Payments are made over a maximum of 5 years, with equal monthly payments over that period. Minimum monthly payment is $30.
The Lucas Loan has no grace period. Interest will accrue at a simple 2% per annum immediately after graduation.
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 Lucas Loan Program offers you with 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.