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) for undergraduate loans, and ten years (123 months) for those also taking loans for graduate school.
Minimum Payment Amount
Number of Payments
For the first year, which begins three months after graduation (or immediately upon withdrawal).
$100 per month/
$150 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/
$200 per month
12 payments over a one-year period
For the third year following completion or withdrawal through the maximum repayment term.
$195 per month/
$230 per month
63 payments over a five-year period for undergraduate loans.
102 payments over an eight-year period for graduate loans.
Checks are made payable to: The Canton Student Loan Foundation.
A monthly billing statement will be mailed to you beginning the month your first payment becomes due (unless you are signed up for paperless). A payment slip and a return envelope will be included with each billing statement. Mail your check made payable to The Canton Student Loan Foundation along with the payment slip in the return envelope which is enclosed with the billing statement. Statements will be mailed by the 10th of each month, and payments must be received in our office before 4:00 pm on the last business day of each month. Please include your account number on your check.
Cash payments must be received by noon on the last business day of the month.
You may also pay online using your credit card or debit card. A 3% fee is charged for using this method of payment. Click here to make an online payment. Payments must be made before 4:00 pm on the last business day of the month.
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.
For assistance with or questions regarding loan payments, contact our office at 330-493-0020 and speak to Kim or Lori about your repayment.