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Perkins Frequently Asked Questions
As a Perkins Loan borrower you are eligible for a nine month grace period from the time you graduate, drop to half-time student status, or leave school until your first payment is due. You are required to make monthly payments on your loan in accordance with your promissory note.
If you choose to pay more than the minimum payment, you may do so without being penalized. You may also be eligible for certain deferments or cancellations. Please see the section on deferments and cancellations for more information.
You must complete an exit interview process anytime you graduate, drop below half-time student status, or leave school for an extended amount of time (one semester or more).
- University of Central Missouri half-time student status during fall and spring semesters for undergraduates is six hours. During the summer session, half-time undergraduate status is four hours.
- For Graduate students, half-time status in fall and spring semesters is four hours and during the summer semesters it is three hours. If you fall below these hours you will have to complete an exit interview.
An exit interview consists of two forms that you as a borrower must sign, date and complete. One form states how much you borrowed at this institution, your monthly payments, the interest rate and how long it will take to pay off your loan. The second form is an information sheet you complete for our records.
You have nine consecutive months from the time you graduate, drop below half-time status or leave school until your first payment is due. During this time, repayment need not be made and interest will not accrue. However, you are encouraged at your option, and without penalty, to make prepayment during this period of time with the idea of saving on interest and repaying your loan in less than the time provided. After the nine month grace period, interest accrues at a fixed percentage rate each month.
There are deferments available for various reasons including:
Student - Upon expiration of the grace period, a borrower returning to an institution of higher education may defer payments for the entire period that at least a half-time course of study is maintained.
Peace Corps or VISTA - Members are entitled to defer payment for a maximum of three years.
Volunteer Service in Tax Exempt Organizations - Volunteers performing service in tax exempt organizations similar to Peace Corps or VISTA may defer payment up to three years.
Economic Hardship - In a case of extreme financial hardship, deferral of repayment is sometimes allowed for short periods of time, dependent on the circumstances and determined by University of Central Missouri. Contact our office for more information at 660-543-4661.
Forbearance - In a case where the borrower's repayment on Title IV loans equals or exceeds 20 percent of the borrower's gross income, a forbearance may be granted. On receipt of written request and proper documentation, the University of Central Missouri may grant forbearance of principal and interest or principal only, as requested. Forbearance may also be allowed for short periods of time due to temporary hardship. Interest on the loan continues to accrue during hardship deferments, and documentation must be provided.
Borrowers who perform certain services explained briefly below may qualify for cancellation benefits up to 100% of the loan. For each complete year of employment in the following categories, the amount of this note shall be reduced at the rate of 15% of the total principal amount of the loan plus interest thereon for the first and second year, 20% for the third and fourth year, and 30% for the fifth year of such service.
Note: The process entails a number of steps. After requesting cancellation, the borrower is placed in deferred status for one year. After working for one year in a qualifying job, the borrower must submit a cancellation form. Once the form is signed, verified and approved, the first 15% of the loan is cancelled. The borrower will then receive another deferment for the next year. At the end of the second year of employment the borrower will again submit a cancellation form. Once the form is signed, verified and approved the second 15% will be cancelled. The process will continue for five years until the loan is cancelled in full.
Teaching Service - Borrower must be employed full time for a complete academic year, or its equivalent.
Teacher of mathematics, science, foreign language, bilingual education, or any other field of expertise where the state educational agency determines there is a shortage of qualified teachers.
Full time teacher in a public or other non-profit private elementary or secondary school which is in a school district or local educational agency which is eligible in such year for assistance pursuant to Title I and for that year has been designated a school with a high enrollment of students from low-income families. Any teacher who performs service in a school servicing low-income students, which fails to meet the low-income requirements in a subsequent year, may continue to teach in that school and be eligible for loan cancellation in subsequent years.
Full time teacher of the handicapped as follows:
Special Education teacher, including teachers of infants, toddlers, children or youth with disabilities, in a public or other non-profit elementary or secondary school system, or qualified professional provider of early intervention services in a public or other non-profit organization.
Law Enforcement or Corrections Officer - A borrower is entitled to cancellation of up to 100% of a Federal Perkins loan for full-time service as qualifying law enforcement or corrections officer.
Nursing/Medical Technician -
Nursing - A licensed practical nurse or registered nurse licensed by a state agency.
Medical Technician - An allied health professional who is certified, registered or licensed by the state.
Social Service - Employee of a public or private non-profit child or family service agency who is providing services to high-risk children who are from low-income communities and their families.
Head Start - If the borrower serves as a full time staff member in a preschool program carried on under section 22 (A) (1) of the Economic Opportunity Act of 1964 which is operated for a period which is comparable to a full school year in the locality, and provided that the salary of such staff member is not more than the salary of a comparable employee of the local educational agency.
Peace Corps Cancellation - Borrowers are entitled to have up to 70% of the amount of this loan plus the interest thereon cancelled if they undertake service:
- As a volunteer under the Peace Corps Act, or
- as a volunteer under the Domestic Volunteer Service Act of 1973.
Death or Total Disability - Provisions are available for cancellation of the entire loan amount with the following evidence:
Death: Upon receipt of a Death Certificate
Disability: Complete certification that the borrower has become totally disabled and no longer able to be gainfully employed or attend school.
You are permitted to accelerate repayment of the whole or any part of your loan. However, when payment is made, you must indicate whether it is to be applied against your regularly scheduled payment or to be applied as an accelerated payment.
Example: If you wanted to pay three months in advance, indicate on your payment the months that are being paid (i.e. if it is January and you wanted to accelerate payment until March, you would state that the payment was for January, February and March).
Name or Address Change - You must promptly notify the UCM Office of Student Financial Services when you change your name, address, or unlist your phone number.
Completion of Forms - all forms should be completed as soon as you qualify so that you will not be billed and your account will remain current, rather than become past due.
University of Central Missouri
Office of Student Financial Services
Ward Edwards 1100
Warrensburg, MO 64093
Finance Charges - Interest (5 percent) begins to accrue on the unpaid balance of the loan upon completion of the grace period. This is an annual percentage rate calculated on the unpaid principal balance.
Timely Remittance - you will be billed for each payment due. A billing statement will be sent to you each month. if you cannot make payment on time, you must contact the Office of Student Financial Services, 660-543-4661, prior to the payment due date. University of Central Missouri will cooperate with you in any way possible, but late payments and other types of neglect (i.e. failure to report an address change or to submit forms on time), could result in action by a collection agency. This will have an effect on your future credit rating, and will be a reason for the University of Central Missouri to place a hold on transcripts and future registrations. You may also be obligated to pay collection agency fees or legal costs if it becomes necessary for the University of Central Missouri to assign your account to a collection agency or file litigation. Per terms of your promissory note, the University of Central Missouri may add late fees for each late installment.
The interest paid is located in the top right hand corner of your monthly billing statement.