Once a student graduates or is no longer registered for 6 credit hours or more, the loan enters into repayment.  Federal Regulations require an Exit Interview be completed and the borrower will receive a letter by mail to complete this requirement at www.uasexit.com.

As Niagara University is the lender of the Perkins Loan, we contract with University Accounting Services (UAS) for billing and processing payments along with deferments and cancellation request. 

Federal Perkins has a fixed 5% interest rate and the grace period is 9 months during which no interest accrues.  Late penalties will be assessed if the borrower fails to remit a payment on time. 

Benefits

Deferments

Unlimited Deferments

• In School Deferments – If the borrower is enrolled half-time or more at an educational institute other than Niagara University, the Perkins Loan will be deferred with verification of enrollment. 
• Armed Service (Military) - Unlimited deferment for Perkins Loans is available to Armed Forces Reservists and National Guard personnel called to active duty, and to regular military personnel assigned to duty stations other than their normal stations, due to war, military operation, or national emergency.

Limited Deferments
Additional deferments are available with a maximum of 36 months for the term of the loan:      

• Economic Hardship
• Unemployment
• Forbearance

To request one of the limited deferments, a Financial Arrangement Form must be completed and submitted to Niagara University.  This form can be found at:  http://www.uaservice.com/Benefit.html

Rehabilitation

Seriously delinquent Federal Perkins Loans may be rehabilitated. After 12 consecutive monthly payments your account is considered current and reported to credit bureaus and to National Student Loan Database (NSLDS) as such. You regain eligibility for Title IV Financial Aid and the balance of any deferment or cancellation benefits associated with your promissory note.  For more information, contact UAS or Niagara University.