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Federal Perkins Loan Program

Annual Percentage Rate: 5%

Initial Grace Period: 9 months
Post Deferment Grace Period: 6 months
Repayment Period: 120 months

Deferment types (please refer to your promissory note for detailed information):

a) Enrolled as a student at least half time

b) Enrolled as a student in a Graduate Fellowship program

c) Unemployment (maximum deferment is 3 years)

d) Economic Hardship (maximum deferment is 3 years)

e) Rehabilitation training for disabled individuals

f) Military* (loans disbursed after June 30, 2001, maximum deferment is 3 years)

* Applies to period when borrower is serving on active duty during a war or military operation, or national emergency, or performing qualifying National Guard duty during a war or other operation or national emergency.

Additional deferment types available only for loans disbursed before July 1, 1993:

a) A member of the U.S. Armed Forces (maximum deferment is 3 years)

b) An officer in the Commissioned Corps of the U.S. Public Health Service

c) Full time, active duty member of the National Oceanic and Atmospheric Administration Corps

d) Peace Corp or ACTION volunteer

e) Temporarily totally disabled or caring for a disabled spouse or dependent

f) Working mother (maximum deferment is 12 months)

g) Parental leave (maximum deferment is 6 months)

h) Medical Internship/Residency (maximum deferment is 2 years)

Cancellation types: click here for specific information.

If you do not qualify for a deferment or cancellation, you can apply for forbearance.

 

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