No further Perkins awards will be made. Repayment begins after your nine-month grace period. The grace period will begin any time you are not enrolled at least half-time with the exception of summer.
For most students the grace period begins after graduation. Perkins loan repayments are made to Penn State. If you cannot make payments on your loan after the nine-month grace period, you may be able to postpone repayment by pursuing deferment or forbearance. Like any other loan, a Perkins Loan must be repaid with interest.
Borrowers qualify for a nine-month grace period immediately following enrollment. The repayment amount depends on the size of the debt with a maximum repayment period of ten years.
The borrower may prepay all or part of the loan at any time without penalty. There are several options available should you enroll in school again or have difficulty making payments. Below is a description of each option available.
It is Wagner College's responsibility to determine whether a borrower is entitled to a deferment, forbearance or cancellation. Should you have any questions they may be directed to ECSI. It gave money to students in need either by sending them a check per semester or by crediting the money to an account that the school held for the students twice per year. However, due to budgetary issues and concerns about how complicated the Perkins loan program was, Congress did not renew it in They did extend the final program through to look for a way to help low-income or needy students that was simpler and more cost-effective.
A solution was not found, and the program completely ended in In general, if you have a Perkins loan, you are still responsible for paying it. Many people who had financial struggles when entering college may still have financial struggles today, so it is important to understand your options for having this debt forgiven, canceled, discharged, or refinanced.
You may also qualify for forbearance or deferment. First, you may qualify for loan forgiveness or discharge, but you must not be in default on the Perkins loan. Although the program ended, you are responsible for finishing payment on any loan remainder. There are some exceptions to this rule, including public works or personal hardship.
The Department of Education and associated lenders consider you in default on the Perkins loan if you have not made full payments for days. You must work with the school that administered your Perkins loan, or the lending company that currently holds it, if you are struggling financially and need help managing monthly payments. If you need help managing this loan or think you qualify to have the debt canceled, there are some steps you can take.
The school or lending institution managing your Perkins loan will not know that you are struggling with money if you do not tell them, and they will not reach out to you if you stop paying the loan.
You may qualify for Forbearance on your Perkins Loan. During forbearance , loan payments are postponed or reduced with interest continuing to accrue on the principal loan balance. You will be responsible for the interest payments. Forbearance can be granted in intervals of up to 12 months for a total of 3 years. Request for In-school Deferment.
You may have part or all of your Perkins Loan cancelled , under certain conditions, as long as the loan is not in default. Typical conditions for cancellation are careers in nursing, teaching, law enforcement, etc.
Contact the Student Loans Office for additional information regarding full or partial cancellation of your Perkins Loan. If you have recently graduated and are in your grace period , your grace period will be terminated upon issuance of cancellation. If you wish to forego the grace period and start the cancellation process, complete and return the Request to Waive Initial Nine Month Grace Period form along with the Cancellation form.
Perkins Loans can also be cancelled if the borrower dies or becomes totally and permanently disabled.
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