Entering repayment

Your interest starts to accrue, or be added on to your outstanding principal balance, on the day after your grace period ends.

Refer to your truth in lending/repayment schedule for exact dates your payments are due. We use a billing service to do regular billing, due diligence, and track accounts in good standing. You will receive your monthly statements and send your payments to our billing service. If you have problems you may call our billing service or you may call us at this office.

Your Federal Perkins Loan will always be held here at the University. The notes are not sold or transferred. This means any problems you have or any questions regarding your account may be directed to this office. We have your file and your loan note and your history here and we are here to help you when you need us.

It is important to make your payments by the date specified on your statement. Please remember that a payment mailed on the date that it is due will be late. Late payments have a late fee applied to them of 20 percent of the monthly payment amount due.

Payments are applied to late fees and penalties first, then interest and then principal. If you know you are going to have a problem making a payment, please call right away, there are things we can do but you have to contact us before we can help.