Perkins loan repayment plans are different from FFELs and Direct Loans. For example, Perkins loans have minimum monthly repayment rates, set by law. The current rate is $30 for an NDSL loan or a Perkins Loan made before October 1, 1992 and $40 after that date.
Schools are allowed to extend the repayment period due to a prolonged illness or unemployment. Extensions may also be granted if you qualify as a low-income individual. Interest continues to accrue during any extension of a repayment period.
The Department of Education suggests that borrowers contact their school or the school’s agent to get exact Perkins repayment amounts. If the school holds the loan, you should expect to hear from the school about payment and other issues. Be aware that many schools assign Perkins loans to the Department of Education. In November 2013, the Department provided initial information about plans to transition the servicing of Perkins Loans assigned to the Department to a new servicer, ECSI Federal Perkins Loan Servicer (ECSI).
Examples of Typical Perkins Loans Repayments:
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