Perkins Loans are repayable over a period of up to ten years. Skip to main content. Financial Aid. Costs Applying. How To Apply Students are automatically considered for a Perkins Loan as a part of their need-based financial aid application. For example, Perkins loans have minimum monthly repayment rates, set by law. Schools are allowed to extend the repayment period due to a prolonged illness or unemployment. Extensions may also be granted if you qualify as a low-income individual.
Interest continues to accrue during any extension of a repayment period. If the school holds the loan, you should expect to hear from the school about payment and other issues. Be aware that many schools assign Perkins loans to the Department of Education. Source: U. Perkins loan borrowers may also rehabilitate defaulted loans.
Borrowers must make on-time payments for nine consecutive months. The Perkins Loan Program regulations do not explicitly state that the payments must be reasonable and affordable but rather that they must be determined by the school. Loans reduced to judgment may not be rehabilitated. Borrowers are also ineligible if they pleaded nolo contendere or guilty to a crime involving fraud in obtaining federal student assistance.
As is true for FFEL and Direct loan rehabilitations after August , Perkins loans may be rehabilitated only once, but there should not be a limit to the number of times a borrower is permitted to attempt rehabilitation.
Through this website you can access information about your federal student loans. Searches are limited to 50 characters. Please do not share any personally identifiable information PII , including, but not limited to: your name, address, phone number, email address, Social Security number, account information, or any other information of a sensitive nature. Skip to main content. Student loans.
A Perkins loan is a type of federal student loan based on financial need.
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