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Perkins Loan Repayment
After you graduate, leave school, or drop below half-time status as a student,
you will have a nine-month (9) Grace Period before you
must begin repayment of your Perkins Loan. You will have up to ten (10)
years to repay the loan. You will be billed on a monthly basis after
your grace period expires. If you do not remit your payment on a timely
basis, you will be assessed a Late Fee. You may prepay
any or all of the loan principal at any time before it becomes due.
It is your responsibility to keep the Student Loan Office informed
of your current address. Please complete and mail the 
Request for Name/Address Change form to change your
address. Additional information is provided in the Perkins Loan Exit Interview.
Your Perkins Loan can be repaid through an automatic draft of your checking or saving
account. Complete and print the ACH Request form below. You will need to
include a voided check with your ACH Request form. The automatic draft cannot
be processed without a voided check. Mail the check and form to the address
listed on the ACH Request form. Contact the Student Loans office at (479)
575-3447 for additional information.
Request
for ACH Repayment
Loan Deferments/Forbearance
You may qualify for a Deferment on your Perkins Loan
that is not in default. During deferment, you can delay payment
with no interest accruing during the deferment period. Deferments are typically
granted for periods of economic hardship and while attending school at least
half-time.
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
Request for Hardship Deferment/Forbearance
Perkins Loan Cancellation
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.
Request
for Postponement or Partial Cancellation
Request
to Waive Initial Nine Month Grace Period
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