Loan Repayment - Perkins Loans
A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. Rutgers University is the lender. The loan is made with government funds with a share contributed by Rutgers. The interest on the loan is paid by the federal government while a student remains enrolled at least half-time (6 or more credits). Repayment of principal and interest begins nine (9) months from the last date of at least half-time enrollment.
Grace Period
Repayment of your student loan does not begin until nine months after you cease being at least a half-time student (six months if the loan was committed between October 1, 1980 and July 1, 1987). During this grace period, you are not required to make payment, and interest will not accrue on your loan. At the end of the grace period, interest will begin to accrue on your loan. If you desire, you may repay all or any portion of your loan during the grace period without interest charges.
Repayment Of Your Loan
A Perkins Loan borrower is not charged any fees, if you are current on your loan. However, if you skip a payment, make a late payment, 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.
How Much Will I Have To Repay Each Month?
Your total loan amount, plus the interest accrued on that amount, is repayable in installments according to the schedule that was agreed upon with your lending institution. At the time of repayment there is a minimum monthly payment of $40.00 and a maximum of 10 years to repay the loans, unless consolidated. Regular payments of your loan are due following your grace period even if you have not received a bill or payment notice.
Send Your Payments To:
University Accounting Service, LLC
P.O. Box 5291
Carole Stream, IL 60197-5291