34 CFR §674.32

1. (a)The promissory note used with regard to loans to borrowers enrolled on a less than half-time basis must state that the repayment period begins—
   1. (1)On the date of the next scheduled installment payment on any outstanding loan to the borrower; or
   2. (2)If the borrower has no outstanding loan, at the earlier of—
      1. (i)Nine months from the date the loan was made, or
      2. (ii)The end of a nine-month period that includes the date the loan was made and began on the date the borrower ceased to be enrolled as at least a half-time regular student at an institution of higher education or comparable institution outside the U.S. approved for this purpose by the Secretary.
2. (b)The note must otherwise conform to the provisions of § 674.31.