The Federal Perkins Loan Program includes all of the following loans: The Federal Perkins Loan, The National Direct Student Loan(NDSL) and The National Defense Student Loan. Your lender is the CUNY college from which you took your Federal Perkins Loan. You sign an agreement to repay your loan. That agreement is called the Promissory Note. Your loan is provided to you under a program established by the United States Federal Government.
 

Pre-Loan Counseling Session

You must complete a Pre-Loan counseling session which is now available on the web prior to taking out your Federal Perkins Loan. You cannot receive your loan until you have completed this counseling session. Computers are available at the Computer Center on campus. If you need assistance please contact our office at (718) 960-8571. Important information such as Deferments, Cancellations, Consolidations, Forberances and Bankruptcies will be provided to you.

Exit Interview

You must complete an Exit Interview at the point when you are no longer enrolled in school at least half-time. If you leave school without completing an exit interview, your school records, such as transcripts and diplomas, will be held until you have completed your interview. Exit interviews are now available on the web. You are required to inform us of any changes in your address, telephone number, name or social security number.

Deferment

Once your loan enters repayment, you are expected to make regular timely payments until the loan is paid in full. However, in certain cases, you may be eligible for a deferment of your loan, in which case repayment would be suspended for a specified length of time. Deferment is never automatic. You must apply for a deferment in writing and do so on time.

Cancellation

Cancellation is one of the oldest benefits of the Federal Perkins Loan Program. For certain types of public service and teaching, the United States government may pay all the principal and interest due on your loan during the year in which you qualify for cancellation. Some types of service qualify for full cancellation. Others qualify for partial cancellation. Your loan will also be canceled in the event of permanent disability or death.

Consolidation

A Consolidation allows you to refinance and combine any or all your loans made under the Federal Stafford, Federal Perkins, Federal SLS, Health Professionals Student Loan, FISL, or Federal PLUS into one larger loan. The advantages to consolidation includes: 1) more flexible repayment options ; 2) extended repayment where you can repay your loan for a period beyond 10 years. The disadvantages might include: 1) change of interest rate; 2) loss of some Perkins Loan benefits such as cancellation.

More information can be obtained by contacting
1-800-848-0982 (Direct Consolidation)
 


Forbearance

You may request forbearance on your loan if your debt burden equals or exceeds 20% of your gross income. Your may also apply for forbearance for other economic hardship conditions such as unemployment or sickness.

Bankruptcy

In most cases, student loans cannot be canceled due to bankruptcy. All bankruptcy cases are handled in the United States Federal Bankruptcy Court. People who wish to declare bankruptcy must first file a petition with the court. Once a petition is filed, all billing activity will stop on your Federal Perkins Loan until a decision is made on your case.

For detail information on any of the above topics, please contact our office for a Federal Perkins Loan Reference Guide.