Perkins Loans are serviced through Bursar Operations, Perkins Loan office. These loans have a 5% interest rate, principal nor interest accrues while a borrower is enrolled at least half-time and borrowers receive an initial nine month grace period before entering repayment. Principal nor interest accrues during the grace period.
The Perkins Loan program is governed by Federal Regulations and guidelines and allows for loan cancellation for work performed in specific career fields. Over a five year period, if approval criteria are met, a borrower who is employed in fields such as, but not limited to, law enforcement, nursing, or teaching in a low income school can have up to 100% of his/her loan canceled.