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Loan Repayment Information
Federal Perkins Loan Information
A Perkins Loan borrower is not charged origination or insurance fees.
However, if a payment is skipped, late, or made for less than the full
payment amount, late charges may be incurred. If failure to make payments
persists, collection costs may be incurred as well.
Borrowers who have been attending school at least half time, have nine
months after graduating, leaving school, or dropping below half-time
status before entering into repayment status. This is called a grace
period. At the end of the grace period, the borrower must begin repayment
of the loan. Borrowers may be allowed up to 10 years to repay their loans.
The monthly payment amount will depend on the size of the debt and the
length of the repayment period. The minimum monthly payment is $40.
Whitworth University is the holder of the loans and payments are made directly
to Whitworth. Prepayment of some or all of the loan is allowed at anytime
*Note: While attending Whitworth University the borrower's loan is
automatically deferred. However, if the borrower leaves Whitworth
to attend another school, submission of a deferment form is required
each quarter or semester.
Deferment of Loan Payments
Under certain circumstances, the borrower can receive a deferment or
forbearance on his/her loan. During a deferment, the borrower is allowed
to temporarily postpone payment on the loan, and no interest accrues.
Deferment may be received under certain conditions, such as unemployment. Click
here for a list of deferments available.
Deferments are not automatic. The borrower must apply
for deferment through the school holding the loan by using the request
form provided by that school. The deferment request must be filed on
time or late charges may apply. For more details on deferment, contact
the Student Loan Office.
A borrower, who is temporarily unable to meet
his/her repayment schedule but is not eligible for a deferment, may
be eligible for forbearance for a limited and specific period. During forbearance payments are postponed
or reduced. Interest continues to accrue and it becomes part of the borrower's
Forbearance is not automatic. It may be granted in up to 12-month periods
for up to three years. Forbearance must be applied for in writing through
the school. Documentation must be provided to support the request for
forbearance. Scheduled payments must continue being made until there
is notification that deferment or forbearance has been granted.
A loan can qualify for cancellation under certain conditions, provided
that it is not in default; for example, if the borrower dies or becomes
totally and permanently disabled, the loan can be cancelled. To
see the list of cancellation conditions, click here. For more information,
contact the Whitworth Student Loan Office.
The Department of Defense may,
as an enlistment incentive for students serving as enlisted persons
in certain specialties of the
U.S. Armed Forces, repay a portion of a borrower's student loans.
This is not a cancellation. Those who think they qualify should contact
their recruiting officer.
For any questions regarding Federal Perkins Loan terms, repayment, deferment,
forbearance, or cancellation, contact the Whitworth Student Loan Office. Only Whitworth
may grant deferment, forbearance, or cancellation, or make other decisions
concerning the loan.
*Default: Is the failure to repay a loan according to the terms agreed
upon in the signed promissory note. Default also may result from failure
to submit requests for deferment or cancellation on time. The consequences
of default are severe.
Whitworth University offers automatic withdrawal from the borrower's
checking account for monthly loan payments. Click
here to access authorization form (PDF).