Any loans requested while at Relay must be repaid to the federal government with interest. The interest rate for loans disbursed during the 2019-20 academic year is 6.08%. Interest begins accruing from the date of disbursement. This interest rate will change in October, and we will update the loan form to reflect the new rate as soon as the government publishes it. The interest rates set for 2019-2020 only apply to new federal student loans and are fixed for the lifetime of the loan. This means borrowers who already have federal student loans will not see their interest rates change. This interest rate will change on or after October 1st, 2020 and we will update the loan form to reflect the new rate as soon as the government publishes it.
Your Relay loans will enter repayment when you are no longer enrolled at least half-time at Relay. At that point, you will be responsible for making payments on the full balance of your loans plus any interest that has accrued. The total amount you will end up repaying to the federal government will depend on the total amount borrowed and the repayment plan and timeline you select.