The Basics
Interest Rate – 5% is the interest rate for the Federal Perkins Loans.
Credit Bureau Reporting - Federal regulations require that all Perkins loans be reported monthly to a national credit bureau from the time of disbursement until it is paid in full. Making timely payments and/or deferment requests can build a good credit history.
Federal Law specifies how long negative information may remain on your credit report. Most negative information stays on the credit reports for seven years.
Grace Period – The initial Perkins loan grace period is nine months and begins when you graduate or drop below half-time status during either the fall or spring semesters. During the grace period interest does not accrue and payments are not due.
Repayment Terms – The minimum monthly payment is $40.00. However, since the loan is to be paid over a ten year time period, the payments may increase. If you loan is in repayment you can look at your current billing status, principal balance, or to make a payment log on to our billing service website at ACS .
Exit Interview – All borrowers per federal regulations are required to complete an exit interview upon graduation or dropping below half-time status. Contact the Perkins Loan Office to complete your exit interview.