Federal Perkins Loans

Loan basics

Subsidized

Yes

Interest rates

5 percent fixed

Loan fees

No

Grace period

Nine months

Cancellation

Nursing, medical technician and certain teaching positions may qualify for cancellation.

The Federal Perkins Loan may become eligible for Public Service Loan Forgiveeness if you consolidate it into a Direct Consolidation Loan. However, only qualifying payments that you make on the new Direct Consolidation Loan can be counted toward the 120 payments required for PSLF. Any payments you made on the FFEL Program loans or Perkins Loans before you consolidated them don’t count.

Loan criteria

As of the 2017-2018 academic year, no new loans are available due to expiration of the program. Students who previously received a Federal Perkins loan were eligible under the following criteria:  

  • Apply for student financial assistance with the university and meet the eligibility requirements,
  • Accept or reject each type of assistance offered,
  • Complete a series of loan documents outlined below with Rush University’s student loan servicer, Heartland ECSI:
    • A master promissory note (good for your entire time at Rush, in most instances), an entrance counseling session, a loan questionnaire, and view a disclosure statement for your loan,
    • For continuing borrowers, you will only need to view your newest disclosure statement, in most instances.

Repaying your loan

  • Repayment begins after a nine-month grace period following your graduation/dropping below half-time enrollment.
  • During the grace period, you will have no payments due.
  • After the grace period expires, you have a 10-year standard repayment term.
  • These loans also allow for specific deferments, or time periods when the lender will temporarily suspend all collection activity on your loan.
  • If you require a temporary postponement or partial reduction in monthly payment and are not eligible for a deferment, you may request a forbearance.

Cancellation benefit

There is a cancellation benefit for specific individuals through the Federal Perkins loan program.

Borrowers who are interested in the cancellation benefits for the Perkins Loans should consult with Heartland ECSI to confirm their eligibility.