The Federal Perkins Loan is a federally funded loan intended to assist needy students in financing the costs of post secondary education. It is a long term low interest loan with deferment, cancellation and discharge provisions.
A loan is a serious obligation and it is important that you understand your rights and responsibilities as a borrower. If you have questions or concerns about your loan, contact your loan servicer. If you do not know who your servicer is, login to www.nslds.ed.gov to find out.
For questions about your Perkins Loan, call 478-445-4881 or 478-445-5254.
Prom Note: a promise to repay the loan. By signing the prom note, you are agreeing to the terms and conditions set forth by the U.S. Department of Education.
Grace Period: nine months beginning after you leave school or drop below half time hours. Interest does not accrue, and payments are not due during this time. Perkins loans have a longer grace period than subsidized and unsubsidized loans.
The standard repayment period is ten years, not including any deferment periods. The minimum monthly payment is $40.00 and it may be higher depending on the amount of Perkins loan money borrowed. Repayment is made directly to the GC Student Loan Collections Department. Repayment begins on the month following the grace period. You may pre-pay your loan without interest penalty.
You may make a payment by coming by the office, mailing in a check, or by phone with credit or debit card. Online payment or automatic withdrawal are currently unavailable for this loan.
Payments are considered late if received after the 15th of the month, and your account will be assessed late fees.
If a borrower cannot make their payment, contacting the office can help provide options for deferment and forbearance. It is important to use your benefits to your advantage in loan repayment so that your account remains current. If a loan becomes delinquent, GC may assign loans to an outside collection agency or legal firm for collection in which case the borrower is responsible for all collection costs, attorney’s fees, court costs and other fees incurred in collecting the debt.
Credit Bureau Reporting
In accordance with federal regulations, all loan information including loan balances and repayment histories are reported to National Credit Bureaus at the time of disbursements and continually reported monthly until the loan is paid in full.
Borrowers may consider loan consolidation to make repayments of their total loan debt easier. Please understand that if you consolidate your Federal Perkins Loan, you will lose any and all opportunity for the service cancellation provisions. Remember, loan consolidation will negate cancellation benefits.
Information about loan consolidation can be found on www.StudentLoans.gov under their managing repayment tab.
A deferment allows the temporary postponement of principal payments and in some cases also interest payments if you meet certain criteria. Each deferment has different criteria you must meet in order to receive the benefit. If you believe that you are eligible for a deferment, please call us. It is the borrower's responsibility to file the request for deferment on a timely basis. Failure to submit the deferment forms by the due date may result in the reporting of past due information to the Credit Bureau on your account. Please remember it is your responsibility to contact our office to apply for a deferment.
Service Cancellable Deferments
Borrowers who are eligible for a service cancellation may be eligible for a repayment deferment.
This deferment is allowed during the year of qualifying service and or employment and allows the suspension of principal and accruing interest repayments. At the end of the deferment period, borrowers who remain eligible would be able to cancel a portion of the loan and then reapply for another deferment. For more information on these types of deferments, please read the service cancellations section.
Borrowers may be entitled to have up to 100% of the original principal loan amount cancelled if the borrower performs qualifying service and or employment in certain fields of work. No repayment amounts can be cancelled for services performed prior to the date the loan was disbursed or during the enrollment period covered by the loan. Any payments made by a borrower during a period for which the borrower qualified for cancellation cannot be refunded. Loans may be placed in a deferred status during periods of time while the borrower is performing service eligible for cancellation. Each cancellation provision has different criteria you must meet in order to receive the benefit. It is the borrower's responsibility to file the request for cancellation on a timely basis. Failure to submit the cancellation forms by the due date may result in the reporting of past due information to the Credit Bureau on your account. Please remember it is your responsibility to contact our office to apply for a cancellation.
Cancellation Benefit Categories: Contact our office to see if you qualify, additional guidelines for cancellation are specific for each area.
100% cancellation categories (requires 5 years of service)
- Teaching (at a Title 1 school, a low income school, or subjects of: math, science, foreign language, or special education.)
- Law Enforcement
- Nurse or Medical Technician
- Child and Family Service Agents
- Early Intervention Service (infants and toddlers with disabilities)
- Public Defender Attorney
- Masters Level Librarian
- Speech Pathologist
70% cancellation categories
- Head Start Cancellation
- Military Cancellation
- Peace Corps or AmeriCorps VISTA Volunteer Service Cancellation
Updating Personal Information
It is imperative, without exception, that borrowers update the Student Loan Collection Department of any personal information changes. We cannot correspond with you about your loan without a correct and updated address. Not receiving a notice does not excuse you from missed payments. Updating your address with GC Registrar's Office or your PAWS account will not automatically update your address for GC Federal Perkins loan. Therefore, students are required to contact the Student Loan Collections department by phone or by completing and return to our office the Personal Information Change and or Update form, every time any personal information changes.
When a student’s enrollment is less than half time, graduates or withdrawals from GC, they must complete an Exit Interview. If the Exit questionnaire is not returned to our office, the student’s GC records are on hold until the paperwork is completed.
Perkins Loan Contact Information
Student Loan Collection
Campus Box 26
Milledgeville, GA 31061
231 West Hancock Street
Parks Hall 111
Milledgeville, GA 31061