Postponing Your Federal Perkins Loan Payment
If you are having trouble making your Federal Perkins student loan payments, immediately contact the Loan Department at 310.338.1942 (if your last name begins with A-L) and 310.258.5449 (if your last name begins with M-Z). You might qualify for a deferment, forbearance, or other form of payment relief. It's important to take action before you are charged late fees.
Are there circumstances when a borrower must be granted a mandatory forbearance?
Deferment: You can receive a deferment for certain defined periods. A deferment is a temporary suspension of loan payments for specific situations such as reenrollment in school, unemployment, or economic hardship. You don’t have to pay interest on the loan during deferment if you have a Federal Perkins Loan. You have to apply for a deferment with the Loan Department, and you must continue to make payments until you’ve been notified your deferment has been granted. Otherwise, you could become delinquent or go into default.
Economic Hardship Deferment
A Federal Perkins Loan borrower may qualify for an economic hardship deferment for a maximum of three years if the borrower is experiencing economic hardship according to federal regulations. The Loan Department can grant deferment in intervals of up to 12 months at a time for up to 3 years. You have to apply to the Loan Department for deferment, and you must continue to make payments until you've been notified your deferment has been granted.
Economic Hardship Deferment Application.
Forbearance: Forbearance is a temporary postponement or reduction of payments for a period of time because you are experiencing financial difficulty. You can receive forbearance if you’re not eligible for a deferment. Unlike deferment, interest accrues, and you’re responsible for repaying it. The Loan Department can grant forbearance in intervals of up to 12 months at a time for up to 3 years. You have to apply to the Loan Department for forbearance, and you must continue to make payments until you've been notified your forbearance has been granted.
. There are certain mandatory forbearances. Examples include borrowers who:
are in a medical or dental internship or residency;
have student loan payments that are 20 percent or more of their monthly income;
have payments being made for them by the Department of Defense.