Perkins Loan - General Information
This information is only a highlight of information contained in the original promissory note and is not, nor is it meant to be, all-inclusive. View Promissory Note
- Wittenberg University is the Lender of this loan
- A Wittenberg Student Loan is an entirely different loan from a: Wittenberg Student Loan. William D. Ford Loan Federal Direct Loan.Stafford Loan(s). or any other student loan for which the borrower is obligated.
- The borrower is obligated to repay the loan even if they do not complete the program, are unable to obtain employment, or otherwise dissatisfied with education or other services received.
- The borrower must repay the loan(s) with all accrued interest.
- The borrower has a maximum of 10 years to repay this loan.
- The borrower may prepay all or part of the loan without penalty.
- The minimum monthly payment for the loan is $40. Monthly payments can be more depending on the amount borrowed.
- Repayment will begin following a 9-month grace period.
- The interest rate for the loan is 5%
- Effective July 23, 1992, all new loans and advances are reported to credit bureau organizations.
- If a borrower does not qualify for a student deferment, and is unable to make payments on the loan; a request may be made in writing to Wittenberg University for forbearance on the loan. Forbearance Form
- If a Perkins loan goes into default status, it may be rehabilitated. More Information on Rehabilitation- Click Here
- If the borrower fails to repay the student loan, the loan will be considered in default and the following may result:
- The loan will be reported to the credit bureau and have a negative effect on credit reports.
- The entire unpaid amount of the loan, including interest and late fees, may become due and payable immediately.
- The loan may be assigned to a collection agency and assessed collection costs as indicated in the promissory note.
- The borrower may be ineligible to receive any additional federal or state financial aid funds.