How Repayment Works:
Repayment begins 6 months after either graduation or after you have terminated your course of study. The repayment period is 8 years (although you can always pay back sooner). JELF has a graduated repayment program, which means that in your first years of repayment, when your income is likely to be at its smallest, you will make the smallest payments. Each time you make a loan repayment back to JELF, you allow JELF to help more students in need. There is no fee for paying back the loan early.
Methods of Repayment:
JELF encourages recipients to repay loans through our ACH program. This means that JELF will automatically deduct your repayment from your bank account each month.
How Graduated Repayments Work:
Say you owe $10,000 by the time you graduate:
|Repayment Year||Percentage of Total Loan||Annual Amount||Monthly Payment|