Student Loans
Federal Perkins Loan
Frequently Asked Questions
- What if I have concerns about the terms of my loan that cannot be resolved by talking to my lender?
- How many credits must I be enrolled for?
- When do I begin repayment?
- Can my Perkins loan ever be canceled?
What if I have concerns about the terms of my loan that cannot be resolved by talking to my lender?
The Department of Education has established an ombudsman to work with student borrowers to informally resolve any loan disputes or problems. If you have concerns about the terms of your loan that cannot be resolved by talking to your lender, you are encouraged to contact the Ombudsman Customer Service Line at 1-877-557-2575.
How many credits must I be enrolled for?
You must enroll for a minimum of 6 credits per semester to be eligible to borrow during that semester. If you indicate on your award notification that you will be a full-time student (12 or more credits) you should remain a full-time student for that semester. If you indicate that you will be part-time (6 or more credits), then you should remain at least part-time. If you do not enroll as indicated on your award notification your loan may be reduced or canceled.
You must begin to repay for Perkins loan nine months after you graduate, leave school, or drop below half-time. No payments are required and no interest will accrue during this nine-month grace period. Your minimum monthly payment will depend on the size of your debt, but it will be no less than $40 a month. You are given up to 10 years to repay your debt.
Can my Perkins loan ever be canceled?
Your loan can be canceled if you die or become totally and permanently disabled. You may also qualify for up to 50% cancellation if you served in the Armed Forces in a hostile or dangerous area, and up to 100% cancellation under certain conditions such as:
- Full-time teacher in a low-income community or in a field short on teachers
- Full-time special education teacher
- Full-time provider of early intervention services for the disabled
- Full-time law enforcement or corrections officer
- Full-time nurse
- Full-time staff member in a Head Start Program
- Volunteer with VISTA or Peace Corps
