Repay your Federal Perkins Loan
After you stop attending school at least half time, your grace period begins.
- Your initial grace period is nine months.
- If you re-enroll in school at least half time during this grace period and are approved for an in-school deferment, you get another 9-month grace period the next time you stop attending school.
- If you re-enroll after your initial 9-month grace period has ended, your next grace period will only be six months.
Repayment begins after the grace period ends.
- The maximum repayment period is 10 years.
- Payments are expected each month.
- The minimum monthly payment is $40, but may be higher depending on your balance.
- You may prepay your loan at any time without penalty. Prepayment may substantially reduce your interest costs.
If you ever have difficulty repaying your loan, contact your school or its loan servicer immediately, as you have options, including deferment and forbearance!