Deferments

The Perkins loan program allows several types of deferments for certain circumstances. The borrower must request a deferment from the school by completing the appropriate form at the beginning of the deferment period. Each type of deferment has its own form, and some deferments require additional documentation. Please read the form carefully.

These deferments are followed by a grace period before billing resumes. During most deferment and the grace periods, interest will not accrue and payments will not be due. 

The following deferments are available under the Perkins loan program:

Student Deferment

  • Enrolled at least half-time
  • Form should be submitted at the beginning of each period of enrollment
  • Enrollment verification provided by the Registrar's office of your school is acceptable
  • Borrowers in medical internship or residency program are NOT eligible except for borrowers in a dentistry program.

Deferment form

Economic Hardship

 

  • Defer for up to 6 months at a time - not to exceed 3 years.
  • Borrower must fall within one of the following categories:
    • Automatic deferment if granted an economic hardship by a Stafford or Plus loan - must provide copy of letter from lender stating acceptance and giving the beginning and ending dates of the hardship period.  

Borrowers are to provide proof of income and/or dependancy.

Unemployment

  • Defer for up to 6 months at a time - not to exceed 3 years.
  • A verification of unemployment needs to be provided.
Graduate Fellowship

 

  • Enrolled full-time
  • Form must be submitted at the beginning of the program and once a year until completed.
  • Enrollment verification provided by the school is acceptable.
  • Program must be one that has been approved by the Department of Education, Washington D.C.
  • Includes graduate or post-graduate fellowship-supported study such as a Fulbright grant outside the United States.
Internship or Residency Program

 

  • Maximum of 2 years deferment allowed.
  • Form must be submitted at the beginning of the program and once a year until completed.
  • Verification by borrower's employer or program director is acceptable.
  • Borrower must have a bachelor's degree.
  • Internship must be required for State certification for professional practice or service.
  • For Loans made prior to 07/01/1993, borrower must show program leads to a degree or certificate awarded by an institution of higher education, a hospital, or a health care facility offering post graduate training. Borrower must provide a statement from an authorized official of the program certifying that a bachelor's degree is required, the borrower has been accepted, and the program leads to a degree or certificate.
Rehabilitation Training

 

  • Form must be submitted at the beginning of the program and periodically during the program to verify continued enrollment.
  • Program must be approved the Department of Education, Washington D.C.
  • The agency is licensed, approved, certified, or otherwise recognized by a State agency responsible for programs in vocational rehabilitation, drug abuse treatment, mental health services, or alcohol abuse treatment; or by the Dept. of Veterans Affairs
  • The agency must provide the borrower:
    • A written plan individualized to the borrower's needs.
    • Date the program will end.
    • Require substantial commitment from the borrower.

Substantial Commitment is defined by the Department of Educations as a commitment of time and effort that would normally prevent the borrower from holding a full-time job either because of the number of hours that must be devoted to rehabilitation or because of the nature of the rehabilitation.