Frequently Asked Questions Regarding Perkins & Nursing Loans
- What is a Federal Perkins Loan?
- What website do I use to complete my Perkins Loan Exit Interview?
- Is there a charge for this loan?
- When do I pay back this loan?
- Who will be billing me for my Perkins Loan?
- How much will I have to repay each month?
- Which office issues the certification of enrollment letter?
- If you are eligible for funds under the Perkins or Nursing Programs, which office handles disbursement of the loan?
- Which office handles the Perkins or Nursing Loan Programs once I have graduated from school or stopped attending school for any other reason?
- Can I postpone repayment of my Federal Perkins Loan?
- If I have a change of status, whom should I contact?
- Can my Federal Perkins Loan be canceled?
- Is the loan reported to a Credit Bureau?
- Is the school where I am currently teaching considered a "designated low-income school"?
- Why isn't the school where I am teaching considered a "designated low-income school"?
1. What is a Federal Perkins Loan?
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Your school is your lender. The loan is made with government funds with a share contributed by the school. You must repay this loan to your school.
2. What website do I use to complete my Perkins Loan Exit Interview?
The website is www.uasexit.com. Please fill out the form completely and sign it electronically.
3. Is there a charge for this loan?
A Perkins Loan borrower is not charged any fees. However, if you skip a payment, make a payment late, or make less than a full payment, you may have to pay a late charge plus any collection costs. Late charges will continue until your payments are current.
4. When do I pay back this loan?
You have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment. This is called a grace period. At the end of your grace period, you must begin repaying your loan. You may be allowed up to 10 years to repay your loan.
5. Who will be billing me for my Perkins Loan?
The University of Delaware uses UAS, a third party billing company. Please see top of page for UAS contact information.
6. How much will I have to repay each month?
Your monthly payment amount will depend on the size of your debt and the length of your repayment period.
7. Which office issues the certification of enrollment letter?
You obtain the letter from the Registrar’s Office at the school you are currently attending. For the University of Delaware, the Registrar’s Office is located in the Student Services Building, 30 Lovett Avenue (302) 831-2131.
8. If you are eligible for funds under the Perkins or Nursing Programs, which office handles disbursement of the loan?
The Financial Aid Office handles the disbursement of the funds to the borrower. You have to make an appointment with their office for your entrance interview at which time you will sign the promissory note for the loan amount you were awarded. The Financial Aid Office is located in the Student Services Building, Rm 103, 30 Lovett Avenue (302) 831-2730.
9. Which office handles the Perkins or Nursing Loan Programs once I have graduated from school or stopped attending school for any other reason?
If you attended University of Delaware, we have a Perkins and Nursing Loan representative within the Collections Office, located in the Student Services Building, 30 Lovett Avenue, Room 124 (302) 831-8942.
10. Can I postpone repayment of my Federal Perkins Loan?
Yes. Under certain circumstances, you can receive a deferment or forbearance on your loan. During a deferment, you are allowed to temporarily postpone payments on you loan, and no interest accrues. You may receive a deferment under certain conditions, such as unemployment.
Deferments are not automatic. You must apply for one through your school by using a deferment request form your school can give you. You must file your deferment request on time or you’ll pay a late charge.
For more details on deferments, contact your Perkins Loan repayment office.
If you are temporarily unable to meet your repayment schedule but are not eligible for a deferment, you can receive forbearance for a limited and specific period. During forbearance, your payments are postponed or reduced. Interest continues to accrue; you are responsible for it.
Forbearance isn’t automatic either.
You may be granted forbearance in 6 to 12 month intervals for up to three years. You must apply in writing for forbearance through the school that made your loan or the agency the school employs to service your loan. You’ll have to provide documentation to support your request for forbearance. You must continue making scheduled payments until you are notified that deferment or forbearance has been granted.
11. If I have a change of status, whom should I contact?
You should contact the Perkins and Nursing Loan representative within the Collections Office, located in the Student Services Building, 30 Lovett Avenue, Room 124 (302) 831-8942 with any changes in name, address, telephone number, Social Security number, or driver’s license number.
12. Can my Federal Perkins Loan be canceled?
Yes, if the borrower dies or becomes totally and permanently disabled, the loan can be canceled. A loan can also qualify for cancellation under certain other conditions, such as certain careers —as long as the borrower is not in default. For further information, contact the Perkins and Nursing Loan representative within the Collections Office, located in the Student Services Building, 30 Lovett Avenue, Room 124 (302) 831-8942.
13. Is the loan reported to a Credit Bureau?
Yes. The information is reported to a national credit bureau after the initial disbursement of funds.
14. Is the school where I am currently teaching considered a "designated low-income school"?
To find this answer, go to the U. S. Department of Education Web sites at http://ifap.ed.gov or http://www.ed.gov/studentaid and follow the links to search for the name of your school in the Federal Perkins Loan Program "Low Income School Directory".
15. Why isn’t the school where I am teaching considered a "designated low-income school"?
Contact your State Department of Education for this information. The low-income designation is based on statistics gathered about the population of each elementary and secondary school in the state.
If you serve as an enlisted person in certain specialties of the U. S. Army, the Army Reserves, the Army National Guard, or the Air National Guard, the U.S. Department of Defense may, as an enlistment incentive, repay a portion of your Federal Perkins Loan. Please note that this is not a cancellation of the loan. If you think you qualify, contact your recruiting officer.
If you have any questions about the terms of your Federal Perkins Loan, repayment obligations, deferment, forbearance, or cancellation, check with the school that made the loan. Only that school may grant deferment, forbearance, or cancellation, or make other decisions concerning you loan. For further information, contact the Perkins and Nursing Loan representative within the Collections Office, located in the Student Services Building, 30 Lovett Avenue, Room 124 (302) 831-8942.
