Federal Perkins Loan
The Office of Financial Aid is responsible for the selection of recipients for this federal student loan. The awarding is based upon information contained in a student's FAFSA and funding limitations within the program. If the student is awarded a Federal Perkins Loan they are notified in their financial aid award letter. They will be required to complete a promissory note and an entrance interview to learn about their rights and responsibilities as a Federal Perkins loan borrower.
The Bursar's Office manages the Federal Perkins Loans once a student has left Bryant University or is enrolled less than half-time. Once a Federal Perkins Loan borrower ceases to be enrolled at least half-time, the Financial Aid Office will contact the student in order to set up an on-line exit interview. The exit interview is a federal requirement and its purpose it to review amounts owed to the university, to review the rights and responsibilities as a student loan borrower and to sign a repayment schedule. A Federal Perkins loan is entitled to a nine month grace period before repayment begins. During the nine month grace period, a student borrower will be notified when the grace period will end and when repayment will begin. Repayment of the loan may extend over a 10-year period.
The loan bears a five percent interest rate on the unpaid balance of the principal. The interest starts to accrue at the beginning of the repayment period. Special deferment and cancellation privileges are available. Students are informed of the provisions and responsibilities associated with these loans in the first and final years of their enrollment via entrance and exit interview counseling.
The university uses a third party for Perkins billing: University Accounting Service. However, all questions regarding the repayment, deferment, cancellation and record keeping of the Perkins Loan can be directed to the Bursar's office.
If you are currently a Federal Perkins Loan borrower and would like to apply for a deferment, forbearance, cancellation, make a payment online or check the status of your account online, please visit www.uaservice.com. Follow the Student/Borrower link. The website will provide you will the regulations governing your loan and allow you to download any forms that you may require to defer or postpone your payments.
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