Federal Perkins Loan
A Federal Perkins Loan is a low-interest federal loan formerly made available through the University. This loan must be repaid to Florida A&M University.
Federal Perkins Loans FAQs
A Perkins Loan borrower is not charged any fees. However, if you skip a payment, make a payment late, or make less than a full payment, you may have to pay a late charge. If your failure to make payments persists, you may have to pay collection costs as well.
If you're attending school at least half time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment (you may have longer than nine months if you are on active duty with the military). This is called a grace period. If you're attending less than half time, check with your financial aid administrator to determine your grace period. At the end of your grace period, you must begin repaying your loan. You may be allowed up to 10 years to repay.
Your monthly payment amount will depend on the size of your debt and the length of your repayment period.
Yes. Under certain circumstances, you can receive a deferment or forbearance on your loan. During a deferment, you are allowed to temporarily postpone payments on your loan, and no interest accrues. You may receive a deferment under certain conditions, such as unemployment.
Deferments are not automatic. You must apply for one through your school by using
a deferment request form your school can give you. You must file your deferment request
on time or you'll pay a late charge. For more details on deferments, contact Student
Financial Services at (850) 412-5041.
If you are temporarily unable to meet your repayment schedule but are not eligible
for a deferment, you can receive forbearance for a limited and specific period. During
forbearance, your payments are postponed or reduced. Interest continues to accrue;
you are responsible for it.
Forbearance isn't automatic either. You may be granted forbearance in up to 12-month
intervals for up to three years. You must apply in writing for forbearance through
the school that made your loan or the agency the school employs to service your loan.
You'll have to provide documentation to support your request for forbearance. You
must continue making scheduled payments until you are notified that deferment or forbearance
has been granted.
Yes. If the borrower dies or becomes totally and permanently disabled, the loan can be canceled. A loan can also qualify for cancellation under certain other conditions-as long as the borrower is not in default.
If you serve as an enlisted person in certain specialties of the U.S. Armed Forces the U.S. Department of Defense may, as an enlistment incentive, repay a portion of your student loan. Note that this is not a cancellation. If you think you qualify, contact your recruiting officer.
If you have any questions about the terms of your Federal Perkins Loan, repayment obligations, deferment, forbearance, or cancellation, please contact Loans & Collections at (850) 412-5041. Only that school may grant deferment, forbearance or cancellation, or make other decisions concerning your loan.
To update information regarding your Perkins Loan account and/or receive information regarding deferments and cancellations, please go to www.mycampusloan.com.
Short-Term Loans are also administered by the Loans Department. The short-term loan is a revolving loan fund process which is administered by the Financial Aid Office. Students who receive short-term loan funds will be notified when the check is available for pick-up by the Loan section. The student must have two forms of picture ID in order to pick up the check.
