Loan Repayment and Postponing Repayment
The repayment periods for Stafford Loans vary from 10 to 25 years. When it comes time to repay, you can choose a repayment plan that's best-suited to your financial situation. The following repayment plans will be available to Direct and FFEL Stafford Loan borrowers: Standard Repayment Plan; Graduated Repayment Plan; Extended Repayment Plan Income-Contingent Repayment (ICR) Plan (Direct Loans); and Income-Sensitive Repayment Plan (FFEL Loans Income-Based Repayment (IBR).
Under certain circumstances, you can receive periods of deferment or forbearance that allow you to postpone loan repayment. A deferment is a period of time during which no payments are required and interest does not accrue (accumulate), unless you have an unsubsidized Stafford Loan. In that case, you must pay the interest. To qualify for a deferment, you must meet specific eligibility requirements.
If you temporarily can't meet your repayment schedule but you're not eligible for a deferment, your lender might grant you forbearance for a limited and specific period of time. Forbearance occurs when your lender or loan-servicing agency agrees to either temporarily reduce or postpone your student loan payments. Interest continues to accrue (accumulate), however, and you are responsible for paying it, no matter what kind of loan you have.
Generally, your lender can grant forbearance for periods up to 12 months at a time, for a maximum of three years. You'll have to provide documentation to the lender to show why you should be granted forbearance. The lender must send you a notice confirming the terms that were agreed to and record them in your file.
Loan Payback Program
Bon Secours also offers a Student Loan Payback program. Graduates of the College who accept employment with any of the Bon Secours Virginia hospitals can pay off a specified amount of their private student loans. *There is no guarantee of employment with Bon Secours Richmond Health System or Bon Secours Virginia Health System. However our Career Placement Specialist is available to assist students with their employment goals. For further information on this program, please contact the Career Placement Specialist at 804-327-5305.