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What is an interest-free loan?

What is an interest-free loan?

Interest-free loans are loans that do not accrue interest. For example, if you borrow $5,000 in an interest-free loan you pay back exactly $5,000. There is a six month grace period after graduation and loans are repaid on a ten-year graduated repayment plan which means that your monthly payments are small when you are starting out, and increase each year.