Loan Repayment
No interest is charged or accrued while you are in school. The first payment becomes due three months after completing your degree or immediately upon withdrawal or dropping below full-time status. Interest is at an annual fixed rate of six percent. Interest begins to accrue as soon as your first payment is due. The maximum loan repayment term is seven years (84 months).
| Payment Schedule | Minimum Payment Amount | Number of Payments |
|---|---|---|
| For the first year, which begins three months after graduation (or immediately upon withdrawal). | $100 per month | For graduating students, the first three months following graduation are deferred (you make nine payments the first year). For students who withdraw, payments begin immediately (you make 12 payments the first year). |
| For the second year following completion or withdrawal. | $150 per month | 12 payments over a one-year period |
| For the third year following completion or withdrawal through the maximum repayment term (the seventh year). | $195 per month | 63 payments over a five-year period |
Checks are made payable to The Canton Student Loan Foundation.
Automatic Payment Option
Have your loan payments automatically paid on the due date, eliminating worries about mailing the payment on time or making a payment when you are out of town. Enrollment is easy! Simply complete the enrollment form.
Need Help?
For assistance with or questions regarding loan payments, contact our office at 330-493-0020 and speak to Kim or Sandy about your repayment.
