Borrower’s Rights

• To repay all of part of the loan (s) without penalty at any time
• To a grace period after graduation or discontinuing education. During this grace period, payment is not required and interest does not accrue on the Perkins loan
• Repayment of loan does not begin until your grace period has expired
• To deferment of payment, if eligible
• To cancellation of loan, if eligible

Borrower’s Responsibilities

• To make payments on time
• To notify the Federal Perkins Loan Office if payment cannot be made by the due date. A late fee will be charged if the account is not brought current
• To notify the Federal Perkins Loan Office is there is a change of address, name or phone number
• To file appropriate forms, such as deferment or cancellation, in a timely manner
• To understand that failure to repay your student loan will have serious consequences:
• Referral to collection service
• Report the past due status of your loan to National Credit Bureau reporting agencies
• Loss of eligibility for deferment or cancellation benefits
• Loss of eligibility for further Federal Financial Aid
• Hold will be placed on your academic transcript at Northern