A borrower may also make early payment for future installments, up to one year ahead, with proper notification to the Perkins Loan Department. A borrower experiencing financial difficulty resulting in inability to remit full payment when due must contact the Perkins Loan Department immediately. Deferments Deferment means a suspension of payment. A borrower enrolled at an eligible institution of higher education on at least a half time basis is eligible for deferment of principal and interest. A borrower who joins the Peace Corps is eligible for up to three years of deferment of principal and interest, granted one year at a time.
All deferments require the borrower to file appropriate certification in a timely manner.
All deferment periods are followed by a renewed grace period of six months, during which interest does not accrue, after the end of the deferment period. Cancellation benefits require that the borrower file certification at the beginning of each year of eligible service, to request that installment payments due during that period be postponed, and file certification of completion at the end of each eligible year of service. Follow this link to the Frequently Asked Questions Page.