This guide outlines your rights and responsibilities in repaying your federal Perkins Loan. This information is crucial in understanding how to prevent your loan from entering into default.
Perkins Loans have a nine-month grace period after graduation or when enrollment drops below half-time as a degree-seeking student. During the grace period, payment is not due and interest does not accrue. After the grace period has elapsed, arrangements must be made to either repay the loan or postpone payment.
It is your responsibility to repay your loan according to the signed promissory note.
The minimum payment amount on a Perkins Loan is $40 per month. The maximum repayment period is 10 years; therefore, your monthly payments could be higher depending upon the total amount of your loan.
If you have trouble making your payments or believe that you have an extenuating circumstancethat should be taken into consideration, contact the Bursar Office at 718-817-4900 for assistance.