All MPOWER loans feature reduced interest-only payments while you are still in school and for 6 months after graduation, followed by a 10 year repayment period.
While you are completing your program, and for 6 months after you graduate, you are required to make interest-only payments each month. Interest-only payments are more manageable while you are focusing on school and help to build your credit.
Your 10-year repayment term begins 6 months after you graduate when you start your interest + principal payments.
Remember you must make the full payment each month until the entire principal balance is paid, even if you overpaid in previous months.
If you decide to repay part or all of your loan ahead of schedule, there is no pre-payment penalty.