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(Loan Repayment & Billing Servicer Info on Next Page)
The
Federal Perkins Loan is known as a campus-based loan because the school contributes money
to the loan fund. When the borrowers repay the loan the money goes directly into the
Perkins Loan fund. The monies are then redistributed to current students as new Perkins
Loans. Thus, the Perkins Loan fund is a "revolving loan fund". Interest Rate
The Perkins Loan interest rate for loans disbursed after July 1, 1982 is 5%. Prior to this date the interest rate varied from 3% to 4%. The US Dept. of Education pays the interest that accrues while the student is in school, during the grace period, and during periods of deferment.
Grace Period
"Grace period" refers to the period of time during which you do not have to make loan payments and interest does not accrue. The grace period begins when you cease to be enrolled at Rutgers University as at least a half-time student [i.e. registered for less than six (6) credits].
The length of the grace period depends when your loan was disbursed. Loans disbursed on or after July 1, 1987 have a nine (9) month grace period, whereas loans disbursed between October 1, 1980 and June 30, 1987 have a six (6) month grace period.
PRIVILEGES Deferment |
CONSOLIDATION Direct Loan |