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Applying for a Perkins Loan
First you must Complete and submit the FAFSA by the priority filing date of April 1, annually. Indicate in Question 27 that you are interested in student loans. Next, you should
submit additional information requested (if any) as Perkins Loan funds are limited and are usually exhausted by mid-summer.
Students are notified via an award letter if Perkins Loan funds are part of their financial aid packages. The award letter allows the student to accept, reduce or refuse the Perkins Loan offer.
Promissory Note
If you are awarded a Federal Perkins Loan, you must sign a Master Promissory Note (MPN) before the loan can be disbursed. The MPN lists the terms under which you are borrowing and agree to pay back the loan. New Jersey City University requires Federal Perkins Loan borrowers to sign a new Master Promissory Note every year.
Grace Period
Grace period is the period of time before the borrower must begin repayment of a student loan. Grace periods begin when a student ceases to be enrolled at least half-time, withdraws, or graduates from the university. During a grace period (nine months), no interest accrues and no payments are required.
Perkins Loan Repayment
When the grace period ends, repayment of a Federal Perkins Loan begins. Please note that at the time a borrower drops below half-time enrollment or leaves New Jersey City University, the University must conduct an
Exit Interview
. During the interview, pertinent information and a repayment schedule are provided to the borrower.
Also, there is no interest accrued on a Federal Perkins Loan while you are in school at least half-time and for nine months following graduation.
There is a 10-year repayment period.
Deferment
A deferment is a period when interest does not accumulate and payments on the principal loan need not be paid. Borrowers who qualify for deferments must submit a completed deferment form. A blank student deferment form maybe obtained by visiting Campus Partners website at
www.campuspartners.com
or you may call Campus Partners at 1(800)334-8609 to obtain one.
Forbearance
Under certain circumstances, you can receive forbearance on your loan. During forbearance, your payments are postponed or reduced. The government does not pay the interest; you are responsible for it and if you do not pay the interest as it accrues, it will be capitalized. You cannot receive forbearance if your loan is in default.
Forbearance is not automatic. You may be granted forbearance in 12-month intervals for up to three years. You must apply for forbearance in writing through the school that made your loan or the agency the school employs to service your loan. You will be asked to provide documentation to support your request for forbearance. You must continue making scheduled payments until you are notified that your forbearance has been granted.
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