Frequently Asked Questions - Perkins Loan
What is the interest rate on a Perkins Loan?
A Perkins loan has a low interest rate of 5%.
When does my loan enter repayment?
You will receive a grace period of nine months and payments will begin 10 months after you graduate or cease to be enrolled at least half time. Payments are monthly.
What is a grace period?
A "grace period" is the period of time before the borrower must begin repayments. No interest accrues, no payments are due and no billing occurs for the loan.
When does interest accrue?
Interest accrues for thirty days prior to a payment coming due.
Do I have to pay interest while I'm in school?
No, interest does not accrue while you remain at least a half-time student and are deferred.
What happens when I Leave North Central University?
You will need to complete an exit interview in which you will be given information about how your grace period works, how the billing works, your rights, your responsibilities, how much you owe, when payments will begin and how much your payments will be. It is mandatory that you complete this interview.
Can I complete the exit interview electronically?
Yes! Go to www.uasexit.com.
What are my rights as a borrower?
- To repay all or part of the loan(s) without penalty at any time.
- A grace period after graduation or discontinuing education.
- Deferment of payment, if eligible.
- Partial/full cancellation of loan, if eligible.
What are my responsibilities as a borrower?
- To make payments on time.
- To notify the Perkins Loan/Student Accounts Office if a payment cannot be made by the due date.
- To notify the Perkins Loan/Student Accounts Office of changes in your name, address, phone number or social security number.
- To file appropriate forms, such as deferment or cancellation, in a timely manner.
To understand that failure to repay your student loan will have serious consequences, as required by the Department of Education:
- Referral to a collection agency
- Report the past due status of your loan to a national credit bureau.
- Loss of eligibility for deferment or cancellation benefits.
- Loss of eligibility for further Federal financial aid.
- Hold will be placed on registration and academic transcripts.