Ursinus College understands that circumstances happen that make difficult for you to make payments on your Perkins Loans. Ursinus/UAS may grant you a deferment or forbearance on your loan during this time.
What it is: An approval to temporarily postpone payments during which time principal and interest cease to accrue.
When to apply: If you are enrolled (half-time or more) in a higher educational program, are unemployed, experiencing economic hardship, or if have become totally and permanently disabled.
What it is: Loan payments are posted or reduced for a limited and specific period although interest will still accrue. Forbearance may be granted in 12 month or shorter intervals for up to three years.
When to apply: If you were temporarily unable to meet your repayment schedule, but are not eligible for a deferment.
What is it: The Perkins loan program provides you with an opportunity to cancel all or part of your loan for certain types of employment or service. Contact UAS to see if you are eligible for any cancellation.
When to apply: If you expect to be eligible for any cancellation, you should apply for deferment of your account during your year of qualifying service or employment. This process delays billing until the end of the year, when your payments will be cancelled. Depending upon the type of cancellation it may take up to five years to complete.
FORMS MUST BE COMPLETED AND SUBMITTED DIRECTLY TO UAS FOR REVIEW AND APPROVAL
P.O. Box 5879
Carol Stream, IL 60197-5879