A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. The college is the lender for the Perkins Loan. The loan is made with government funds with a share contributed by the college. You must repay this loan to the college.
A Perkins Loan borrower is not charged any fees. However, if you skip a payment, make a payment late, or make less than a full payment, you may have to pay a late charge plus any collection costs. Late charges will continue until your payments are current.
Borrowers who are willing but unable to meet their loan obligation may be eligible for forbearance. Using the Adobe Acrobat reader you may view and/or print the forbearance form. Benefits and conditions are listed on the form.
Borrowers who have defaulted Perkins Loans now have an option to rehabilitate theirs loans. If a student makes 12 consecutive monthly payments, he or she will be returned to regular repayment status. The first payment of the 12 consecutive payments is treated as the first payment of a new repayment schedule (not to exceed 10 years). Any credit bureau to which the default was reported will be instructed to remove the default from the borrower’s credit history. The borrower will no longer be considered ineligible for Federal student financial assistance because of the default. Click here to view and/or print the rehabilitation information.