Federal Perkins Loan Repayment
What are the terms of the loan?
The Federal Perkins Loan is interest-free to you during in-school deferment, and grace periods. When you enter repayment, the annual interest rate is 5%.
When do I begin repayment?
Repayment of our student loan does not begin until nine months after you have either graduated or ceased being at least a half-time student. During this grace period you are not required to make any payments and interest will not accrue on your loan.
Are there any provisions regarding cancellation of the Perkins loan?
Yes, below are loan cancellation conditions and the maximum percentages of the loan that can be canceled.
|Full-time teaching in low-income school eligible for funding||100%|
|Full-time teacher of math, science, foreign languages, bi-lingual education or other as determined by state agency||100%|
|Full-time special education teacher, including teacher of infants, toddlers, children or youth with disabilities||100%|
|Full-time employment in a Head Start program||100%|
|Nurse or medical technician providing health care services||100%|
|Provider in a public or private nonprofit child or family service agency||100%|
|Professional provider of early intervention services||100%|
|Service in the U.S. Armed Forces||50%|
|Peace Corps or ACTION program volunteer||70%|
|Full-time law enforcement or correction officer||100%|
|Total and permanent disability or death of borrower||100%|
For more information regarding the Perkins loan see the loan book or contact the appropriate person listed above.