Loan Repayment InformationFederal Perkins Loan Information
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 without penalty.
*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
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 responsibility.
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.
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.