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What if I have 12 months or less left of residency, am I eligible for Reduced Payments?

Yes, if your loan is approved, you will be eligible to make Reduced Payments for 12 months. You may pay more than the $25 at any time with no pre-payment penalty. Should you pay more, your payment will be applied first to any applicable fees, unpaid interest, and then to principal. After 12 months, any unpaid interest will capitalize, and a new repayment schedule will be calculated to reflect your full monthly payment.