Payment relief
Federal Perkins Loan
Renegotiation and forbearance
If you have difficulty repaying your Federal Perkins loan, you may contact Student Financial Collections, the University office responsible for determining whether to grant you relief by renegotiation or forbearance.
- Renegotiation allows you to make reduced payments over a limited time period
if you are unable to meet your repayment schedule.
- Forbearance allows for a temporary suspension of payments if you experience an extreme financial hardship.
In either case, repayment must still be completed within a 10-year (120 month) period. SFC staff will determine a payment plan after you provide requested documentation. You will be asked to supply specific details about your financial situation by completing the Payment Plan Change Request and Financial Statement form.
Rehabilitation
If you have already defaulted on your Perkins loan, you may request a one-time only rehabilitation that makes possible the following benefits:
- Your Perkins loan will return to a current status with all remaining deferment
and cancellation privileges reinstated.
- Credit bureaus will be instructed to remove default information from your
credit history for the Perkins loan(s).
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Your eligibility for Title IV student financial assistance will be re-established, provided you are otherwise eligible.
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Rehabilitation will return your Perkins loan to a regular repayment status, with a payment period of up to 10 years minus any repayment period previously used.
If your Perkins loan has been placed with a collection agency, you must contact that agency to discuss rehabilitation.
For additional information, contact the appropriate SFC loan repayment representative based on the first letter of your last name.