Federal Perkins Loan
Forbearance is the temporary postponement of payments, an extension of time allowed for making payments, or the acceptance of smaller payments than were previously scheduled. A written request and supporting documentation must be submitted to receive forbearance. Forbearance may be granted for up to one year, but will not exceed a total of three years. Both loan principal and any interest that accrues must be included in the forbearance. However, the borrower may choose to pay any interest that accrues during forbearance. Interest will accrue during any period of forbearance.
Forbearance must be granted if the school determines the borrower should qualify due to poor health or for other reasons, including service in AmeriCorps.
Defaulted Perkins Loan borrowers may be eligible for rehabilitation. Eligible borrowers must request rehabilitation. Perkins Loan rehabilitation is achieved by making nine consecutive, on-time monthly payments on a defaulted Perkins Loan. After successfully completing 9 consecutive payments the borrower will again be eligible for all remaining benefits from the original promissory note. The default will be removed from the borrower's credit bureau report.
For additional information, contact One Stop Student Services.