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For some reason, I thought that interest did not start accruing till the student graduated.

It used to be that way and was changed around 1993-94, IIRC. Too I think payment deferral rules changed too as to what was considered "graduation". Had several friends in residency training that had $100k plus student loans at the time and were starting to get hammered with interest accrual. A few were having to moonlight insane number of hours because they now had higher loan payments on a $30k salary.

JLC
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