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Federal Perkins Loan

Once the repayment period begins, you may be eligible for periods of deferment during which interest ceases to accrue on the loan(s) and repayment of principal is not required. Periods eligible for deferment status are described below:

  • If you are enrolled in an institution of higher learning and pursuing at least a half-time course of study.
  • If you are a student in a graduate fellowship program approved by the Secretary.
  • If you are engaged in graduate or post-graduate fellowship supported study outside the U.S.
  • If you are enrolled and attending a rehabilitation training program for disabled individuals.
  • If you are engaged in public service that qualifies for having part or all of your loan cancelled
  • For a period not to exceed three years during which you are seeking but unable to find full-time employment.
  • For a period not to exceed three years during which you experiencing an economic hardship as determined by the school.

You may continue to defer making scheduled installment payments and will not be liable for any interest that might otherwise accrue for a six-month period immediately following the expiration of any deferment period described in the above paragraphs.

To claim deferment, a Certification of Deferment Status form must be submitted to the school that made the loan:

  1. when the first installment is due
  2. every six months thereafter
  3. upon termination of such status

Hardship Repayment Options

Upon written request during the repayment period, the school may extend the repayment period for up to an additional ten years and adjust any repayment schedule to reflect your income. The school may extend the repayment period if, in its opinion, prolonged illness or unemployment prevent making the scheduled payments. During this time, interest will continue to accrue. The school may reduce minimum the monthly repayment rate for a period not more than one year at a time if you experience a period of prolonged illness or unemployment; such action may not extend the repayment period beyond 10 years.

Military Deployment

If your loan is in an in-school status or grace period when your are called to active duty or reassigned, your status will be maintained as in-school during the period of active duty, plus the time necessary for you to resume enrollment in the next regular enrollment period that is reasonably available. This status may not exceed three years including the time period necessary for you to resume enrollment.

If your loan is in repayment when you are called to active duty, UMD will grant a forbearance for the expected period of active duty, not to exceed one year.