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Home > Student Accounting Services > Perkins/Institutional Loan Office >

Consolidation Information

Loan Consolidation Information Regarding Perkins and Institutional Loans:

  • Institutional Loans made through Whitworth University MAY NOT be included in a Loan Consolidation.
  • Once a Perkins Loan is consolidated, it becomes a Consolidation Loan and loses the benefits of the Perkins Loan:
    1. Perkins Loans are eligible for cancellation benefits when performing certain types of public service. These benefits are lost upon consolidation. Click here for Deferment & Cancellation Information.
    2. Perkins Loans have a nine-month grace period. Consolidation Loans have a six-month grace period. Three months of the grace period may be forfeited.
    3. While consolidation programs offer extended and income contingent repayment plans which can lower monthly payments, these lower payments and extended repayment terms (up to 30 years) can increase the overall interest incurred over the life of the loan. Perkins Loans have a fixed 5 percent interest rate and a fixed repayment period of 10 years.


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