Once you are no longer enrolled in at least six credit hours, you will have a repayment grace period. You may choose to prepay your loan without penalty; choose a repayment plan; and be notified by your loan servicer of your repayment date. It is important that you update any changes to your address and other contact information with your loan servicer. The information on this page is designed to help you begin the loan repayment process. Additional information may be found at www.studentloans.gov. Here are some links to help guide you to a successful repayment plan.
• Repayment plans - https://studentaid.ed.gov/sa/repay-loans/understand/plans
• The How, When, Whom about loan payments - https://studentaid.ed.gov/sa/repay-loans/understand
• Consolidating Loans – https://studentaid.ed.gov/sa/repay-loans/consolidation
• Loan forgiveness – https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation
• If you work full-time in a public service job, you may qualify for Public Service Loan Forgiveness.
• Other opportunities for possible loan forgiveness.
• You may also want to visit SALT for Federal Student Loan tips.
What is default?
To default means you failed to make your payments on your student loan as scheduled according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan.
If you are having trouble making payments on your Federal Perkins Loan, immediately contact the school where you received your loan. Whether your loans are delinquent now or not, you should read our tips to help you avoid default.