The Federal Perkins Loan program expired on September 30, 2017. No new Perkins Loans can be issued. Students who previously borrowed the Perkins Loan will still be responsible for exit counseling and repayment.
Exit Loan Counseling
To fulfill your Federal Perkins Exit Loan Counseling requirement and to better understand the repayment details of your Federal Perkins Loan(s) go to the UAS Exit Counseling website.
The Exit Loan Counseling session is required upon graduation, or when a student leaves Catholic University. Perkins Loan Exit Counseling is a federal requirement. Catholic University will not release your diploma or provide your official academic transcript until this requirement is fulfilled.
You should have the following information available at the time of your exit loan counseling session.
- Your Social Security Number
- Your Driver's License Number
- Name, Address, Telephone Number of three References
Repayment
Like any other loan, a Perkins Loan must be repaid with interest. Borrowers qualify for a nine-month grace period immediately following enrollment. The repayment amount depends on the size of the debt with a maximum repayment period of ten years. Interest on the loan is computed at the rate of 5% per year simple interest on the unpaid principal balance. The borrower may prepay all or part of the loan at any time without penalty.
There are several options available should you enroll in school again or have difficulty making payments. Below is a description of each option available. Catholic University will determine whether a borrower is entitled to a deferment, forbearance or cancellation. For detailed information about repayment or to apply for a deferment, forbearance or cancellation, please visit our Perkins Loan servicer UAS.
Deferment
A deferment is a period of time during which the borrower is not required to repay the loan principal. Interest will not accrue during deferment. Qualifying terms and conditions are included in the promissory note and detailed in exit counseling.
Forbearance
A forbearance is a temporary postponement of payments, an extension of time allowed for making payments or the acceptance of smaller payments than were previously scheduled. Interest will continue to accrue during any period of forbearance. If a borrower is financially unable to make the required payments on a loan, he or she must submit a written request with supporting documentation to the Perkins Loan Officer in the Office of Enrollment Services. The school may grant the borrower a forbearance for a period of up to one year at a time, not to exceed a total of three years.
Cancellation
The promissory note incorporates the cancellation provisions for the Federal Perkins Loan. For Federal Perkins Loan Teacher Cancellation information is available at U.S. Department of Education.