Perkins Loan - General Information
PLEASE NOTE: THIS FEDERAL LOAN PROGRAM IS BEING PHASED OUT. WITTENBERG WILL NOT ISSUE NEW LOANS THROUGH THIS PROGRAM.
This information is only a highlight of information contained in the original promissory note and is not, nor is it meant to be, all-inclusive. View Promissory Note
- Wittenberg University is the Lender of this loan
- A Wittenberg Student Loan is an entirely different loan from a: Wittenberg Student Loan. William D. Ford Loan Federal Direct Loan.Stafford Loan(s). or any other student loan for which the borrower is obligated.
- The borrower is obligated to repay the loan even if they do not complete the program, are unable to obtain employment, or otherwise dissatisfied with education or other services received.
- The borrower must repay the loan(s) with all accrued interest.
- The borrower has a maximum of 10 years to repay this loan.
- The borrower may prepay all or part of the loan without penalty.
- The minimum monthly payment for the loan is $40. Monthly payments can be more depending on the amount borrowed.
- Repayment will begin following a 9-month grace period.
- The interest rate for the loan is 5%
- Effective July 23, 1992, all new loans and advances are reported to credit bureau organizations.
- If a borrower does not qualify for a student deferment, and is unable to make payments on the loan; a request may be made in writing to Wittenberg University for forbearance on the loan. Forbearance Form
- If a Perkins loan goes into default status, it may be rehabilitated. Click here for more information on rehabilitation.
If the borrower fails to repay the student loan, the loan will be considered in default and the following may result:
- The loan will be reported to the credit bureau and have a negative effect on credit reports.
- The entire unpaid amount of the loan, including interest and late fees, may become due and payable immediately.
- The loan may be assigned to a collection agency and assessed collection costs as indicated in the promissory note.
- The borrower may be ineligible to receive any additional federal or state financial aid funds.