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Deferment and Cancellation Benefits

Deferments for Perkins/NDSL Loans

Deferment is a period of time when payment is suspended for a particular type of activity. To receive a Deferment, "Deferment Request Form" must be completed, certified and returned to the Perkins Loan Office at St. Thomas. Afterwards, borrowers will receive a confirmation of processed deferment requests and a six-month grace period will be tacked on to any deferred period of time.

Contact Our Office

University of St. Thomas
Mail 5002, Business Office
perkinsloan@stthomas.edu
(651) 962-6610 or
1-800-328-6819 ext. 26610
fax at (651) 962-6630.

Deferment Qualifications

  • Deferments - All borrowers
  • Federal Perkins Loans 7/1/87 – 6/30/93
  • National Direct Student Loan 10/1/80 – 6/30/93
  • National Direct Student Loan 9/30/80

    • Deferments - All borrowers

    • School – at least half time - unlimited
    • Graduate Fellowship Program – unlimited
    • Vocational Rehabilitation Training – unlimited
    • Unemployment – maximum 3 years
    • Economic Hardship – maximum 3 years
    • Forbearance – maximum 3 years

    Federal Perkins Loans 7/1/87 – 6/30/93

    • School - at least half time - unlimited
    • Peace Corp/Action Program volunteer – maximum 3 years
    • Volunteer for Tax–exempt organization full-time – maximum 3 years
    • Military Service – Full-time active duty – maximum 3 years
    • Public Health Service – officer in commissioned Corp – maximum 3 years
    • National Oceanic & Atmospheric Administration Corps – Active Duty – maximum 3 years
    • Temporarily Totally Disabled- Maximum 3 years
    • Care of spouse/dependent temporarily totally disabled – maximum 3 years
    • Internship/Residency – required to begin professional practice – maximum 2 years

    National Direct Student Loan 10/1/80 – 6/30/93

    • School – at least half time – unlimited
    • Internship/Residency – required to begin professional practice – maximum 2 years
    • Peace Corp/Action Volunteer – maximum 3 years
    • Volunteer for tax-exempt organization, full-time – maximum 3 years
    • Military Service – full-time active duty – maximum 3 years
    • Public Health Service – officer in commissioned Corp – maximum 3 years
    • Temporary Total Disability – maximum 3 years
    • Care of Spouse temporarily totally disabled – maximum 3 years

    National Direct Student Loan 9/30/80

    1. School – at least half time – unlimited
    2. Peace Corp/Action Program – maximum 3 years
    3. Volunteer for tax-exempt organization – maximum 3 years
    4. Military – full-time, active duty – maximum 3 years 
      **Refer To Perkins Loan Office for More Detail

    Deferments - All borrowers

    Deferments - All borrowers

    • School – at least half time - unlimited
    • Graduate Fellowship Program – unlimited
    • Vocational Rehabilitation Training – unlimited
    • Unemployment – maximum 3 years
    • Economic Hardship – maximum 3 years
    • Forbearance – maximum 3 years

    Federal Perkins Loans 7/1/87 – 6/30/93

    Federal Perkins Loans 7/1/87 – 6/30/93

    • School - at least half time - unlimited
    • Peace Corp/Action Program volunteer – maximum 3 years
    • Volunteer for Tax–exempt organization full-time – maximum 3 years
    • Military Service – Full-time active duty – maximum 3 years
    • Public Health Service – officer in commissioned Corp – maximum 3 years
    • National Oceanic & Atmospheric Administration Corps – Active Duty – maximum 3 years
    • Temporarily Totally Disabled- Maximum 3 years
    • Care of spouse/dependent temporarily totally disabled – maximum 3 years
    • Internship/Residency – required to begin professional practice – maximum 2 years

    National Direct Student Loan 10/1/80 – 6/30/93

    National Direct Student Loan 10/1/80 – 6/30/93

    • School – at least half time – unlimited
    • Internship/Residency – required to begin professional practice – maximum 2 years
    • Peace Corp/Action Volunteer – maximum 3 years
    • Volunteer for tax-exempt organization, full-time – maximum 3 years
    • Military Service – full-time active duty – maximum 3 years
    • Public Health Service – officer in commissioned Corp – maximum 3 years
    • Temporary Total Disability – maximum 3 years
    • Care of Spouse temporarily totally disabled – maximum 3 years

    National Direct Student Loan 9/30/80

    National Direct Student Loan 9/30/80

    1. School – at least half time – unlimited
    2. Peace Corp/Action Program – maximum 3 years
    3. Volunteer for tax-exempt organization – maximum 3 years
    4. Military – full-time, active duty – maximum 3 years 
      **Refer To Perkins Loan Office for More Detail

    Cancellation Benefits for Perkins/NDSL

    General Information

    Cancellation of principal and interest is granted for working full time in certain fields. A percentage of total loan borrowed can be cancelled for each year of work. Typically the cancellation is 15% of the total loan for the 1st and 2nd year, 20% of total loan for the 3rd and 4th year and 30% for the 5th year.

    To receive a cancellation , a request for cancellation form must be completed, verified by employer and returned to the Perkins Loan office at St. Thomas. The borrower will receive confirmation of a processed cancellation form.

    When a request for cancellation is made, you will need to file a deferment to defer your payments for up to twelve (12) months prior to filing the cancellation form.

    Types of cancellations

    For complete description and qualifications, please contact the Perkins Loan Office
    • Nurse/Medical Technician – full-time
    • Law Enforcement/Correction Officer – full-time
    • Qualified Professional Provider of Early Intervention Services – full-time
    • Employee of Child or Family Service Agency –full-time
    • Teaching – full-time Head Start Program
    • Special Education/Handicapped
    • Math, Science, Foreign & Bi-Lingual Language
    • Shortage area for specific state
      *All of the above can receive over five years a 100% cancellation.
    • Peace Corp/Action Programs-over 4 years – 70%
    • Military Service- Area hostilities – Hazardous Duty Pay – 12.5% per year up to 50%
    • Totally, Permanently Disabled – 100%
    • Death – 100%

    Forms

    These forms can be viewed & printed using Adobe Reader. You can download the software free by going to the Adobe website and downloading the Adobe Reader.