Repay your Federal Perkins Loan
After you stop attending school at least half time, your grace period begins.
- Your initial grace period is nine months.
- If you re-enroll in school at least half time during this grace period and are approved for an in-school deferment, you get another 9-month grace period the next time you stop attending school.
- If you re-enroll after your initial 9-month grace period has ended, your next grace period will only be six months.
Repayment begins after the grace period ends.
- The maximum repayment period is 10 years.
- Payments are expected each month.
- The minimum monthly payment is $40, but may be higher depending on your balance.
- You may prepay your loan at any time without penalty. Prepayment may substantially reduce your interest costs.