How do I pay off my Perkins loan?

Perkins loans let you keep the total principal balance without having to pay extra fees. Interest rates are fixed, meaning they don’t change over time. They’re 5%, which is lower than some other federal loan types. Payments may be made monthly or quarterly.

Where did my Perkins loan go?

Perkins loans were typically repaid to the school or a servicer that worked with the school, as opposed to the dozen federal student loan servicers that act as a go-between for borrowers and the Department of Education.

How can I check my student loan balance?

The easiest way to check your federal student loan balance is to log in to the Federal Student Aid website. This website contains all relevant information about your federal student loans, including who your servicers are and how much you owe. To check your balance, you’ll need to log in using your FSA ID.

Are Perkins loan payments suspended?

Yes. Both payments and interest are automatically suspended on all federally held Federal Perkins Loans from March 13, 2020 through August 31, 2022. On a voluntary basis, schools that hold Perkins Loans may choose to provide the same suspension of interest and payments to the loans they hold.

When were Perkins loans discontinued?

Sept. 30, 2017
The Federal Perkins Loan Program provided money for college or career school for students with financial need. The authority for schools to make new Federal Perkins Loans ended on Sept. 30, 2017.

What happens if I don’t pay my Perkins Loan?

If you default on a Perkins loan, it is usually the school that will come after you to collect. In some cases, the school will assign a Perkins loan to the Department of Education.

How do I find out if I have a Perkins Loan?

You can also call the Federal Student Aid Information Center, 1-800-4-FED-AID, TDD 1-800-730-8913. The Center’s counselors can help you figure out what types of loans you have. Federal loan promissory notes and applications will state the name of the federal loan program (Stafford, PLUS, Perkins, FFEL, William D.

Can you settle a Perkins Loan?

Federal student loan settlements are difficult to get, but are possible in some cases. The Department of Education can settle (also known as compromise) FFEL or Perkins Loans of any amount, and suspend or terminate collection of these loans. It can be difficult, however to negotiate a “good” deal.

Are Perkins Loans covered by CARES Act?

Some FFEL loans are owned by commercial lenders, and some Perkins Loans are owned by the schools themselves. Those loans, and any other loans not owned by the Department of Education, are not covered by the CARES Act.

Does student loan pause apply to Perkins Loans?

Certain federal loans are excluded from this relief. They are: Federal Family Education Loan (FFEL) Program loans owned by commercial lenders. College-owned Perkins Loans.