If you borrowed a Perkins loan at any time at Southeast, you are required to attend Perkins Loan Exit counseling when you graduate or drop below half-time enrollment. You can complete this requirement on-line at http://mappingyourfuture.org/.

Graduation or less than half-time enrollment begins your nine-month grace period. Once your grace period has elapsed, you must begin repaying your Perkins Loan. You will be given up to ten years to repay this loan. Your monthly payment will depend on the amount borrowed and the length of the repayment period. You will receive a repayment schedule when you attend exit counseling.

Repayment of the Perkins Loan may be postponed under conditions of deferment or forbearance. During deferment, you are allowed to temporarily postpone payments and no interest will accrue. Deferments may be obtained for continued education, inability to find full-time employment, economic hardship or for engaging in qualifying cancellation conditions.

Deferments are not automatic! You must apply through the school that the loan was received from. Perkins Loan repayment may also be postponed due to forbearance. During forbearance, payments are postponed or reduced for a limited and specific time period (up to 12-month intervals for up to three years). However, interest will continue to accrue during this time period and you will be responsible for it.

Forbearance is not automatic, either! You must apply for forbearance in writing and submit appropriate documentation to support the request. Loan payments must be made up until the time that forbearance is granted.

Under certain conditions, a Perkins Loan may be cancelled. If the student borrower dies or becomes totally and permanently disabled, the Perkins Loan may be cancelled. As long as the loan is not in default, a Perkins Loan could be cancelled if you teach elementary or secondary students from low income families, special education, math, science, foreign languages, bilingual education or other areas designated as teacher shortage areas. If you work in the field of nursing or law enforcement; are providing services of early intervention to the disable or are a Head Start, Vista, or Peace Corps volunteer; the Perkins Loan could be cancelled.

For questions regarding Perkins Loan repayment, grace periods, cancellation, forbearance or deferments please contact Student Financial Services at (573) 651-2253.