A Perkins loan has a low interest rate of 5%.
You will receive a nine month grace period and payments will begin 10 months after you graduate or cease to be enrolled at least half time. Payments are monthly.
A "grace period" is the period of time before the borrower must begin repayments. No interest accrues, no payments are due and no billing occurs for the loan.
Interest accrues for thirty days prior to a payment coming due.
No, interest does not accrue while you remain at least a half-time student and are deferred
You will need to complete an exit interview. At the interview you will be given information about how your grace period works, how the billing works, your rights, your responsibilities, how much you owe, when payments will begin and how much your payments will be. It will be mandatory that you complete this interview.
For more information, check out the links on the right or contact the University of St. Thomas Federal Perkins Loan Office at (651)962-6612, or 1-800-328-6819 ext. 26612, or by fax at (651) 962-6009.