Principal Repayment Period definition

Principal Repayment Period means with respect of each Tranche the period running from its Disbursement Date to its Maturity Date.

Principal Repayment Period means the period following the Disbursement Date during which amortized monthly payments of principal and interest (the number of which is specified in the Final Disclosure Statement) shall be due and payable until the Loan is repaid in full. The Principal Repayment Period for a Loan for which the Interest-Only Option, Fixed $25 Payment Option, or the Fixed $100 Payment Option has been chosen begins on the day following the expiration of the Reduced Payment Period and continues for the number of months specified in the repayment schedule in the Final Disclosure Statement. The Principal Repayment Period for a Loan for which the Full Principal and Interest Option has been chosen begins on the day following the first Disbursement Date and continues for the number of months specified in the repayment schedule in the Final Disclosure Statement. The Principal Repayment Period for a Loan for which the Full Deferment Option has been chosen begins on the day following the expiration of the Full Deferment Period and continues for the number of months specified in the repayment schedule in the Approval Disclosure Statement and the Final Disclosure Statement. If I have requested and received an Academic Deferment or Qualified Residency, the Repayment Period will be extended by the length of the Loan Deferment Period or Qualified Residency Period.

Principal Repayment Period means, with respect to a Tranche, the period commencing on the first day of the month following the end the Interest-Only Period and ending on the Termination Date of such Tranche.

Examples of Principal Repayment Period in a sentence

• The Principal Repayment Period of my Loan will begin following the expiration of the Reduced Payment Period and the monthly payments during the Principal Repayment Period will be due and payable as described in this Note under “Principal Repayment Period Terms” below.

• If I receive an Academic Deferment or Qualified Residency, my monthly payment amount shall be recalculated at the end of the Academic Deferment or Qualified Residency Period to equal the amount necessary to amortize the unpaid principal balance (including Capitalized Interest) over the number of months remaining in the Principal Repayment Period.

• The Repayment Option I choose will determine when the Principal Repayment Period under the Loan will commence.

• The number of consecutive monthly payments to be made during the Principal Repayment Period shall be specified in the Final Disclosure Statement.

• I understand that the maximum duration of the Principal Repayment Period is the number of months specified in the repayment schedule in the Final Disclosure Statement, plus the length of any Academic Deferment or Qualified Residency Period that I am granted.

• The first payment during the Principal Repayment Period will be due approximately thirty (30) to sixty (60) days following the expiration of the Reduced Payment Period, as specified in the monthly statement you send the Borrower.

• I can request a Qualified Residency Deferment any time during the Principal Repayment Period that I am participating in a Qualified Residency Program.

• I understand that this may result in my Loan being paid off in less than the full Principal Repayment Period.

• The amount of the monthly payments will be determined at the time the Principal Repayment Period begins and such amount will be the amount necessary to amortize the remaining unpaid principal balance (including any Capitalized Interest or other capitalized charges and fees added to the principal amount) of the Loan in equal installments of principal and interest at the Interest Rate over the number of months remaining in the Principal Repayment Period.

• The Principal Repayment Period of my Loan will begin following the expiration of the Full Deferment Period and the monthly payments during the Principal Repayment Period will be due and payable as described in this Note under “Principal Repayment Period Terms” below.