Payments
Payments are made over a maximum of 5 years, with a minimum payment of $30 per month.
Grace Period
The Edna Dunning Loan does not have a grace period. Interest will accrue at a simple 2% per annum immediately after graduation unless you enter into an approved internship.
Repayment of Principal and Interest
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 any time. You cannot include this loan in a Federal Consolidation Loan.
Edna Dunning Loan Deferment and Forbearance Criteria
The Edna Dunning 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.
- Internship deferment - 1 year
- Economic Hardship deferment - Up to 3 years
- Forbearance - Up to 3 years