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Federal Perkins Loan Borrower Rights and Responsibilities

  • I understand I must report any of the following changes to Clarke University and the Student Loan Office (x6417):
     
    • If I withdraw from school                   
    • If I transfer to another school             
    • If I drop below half-time status          
    • If my address changes
    • If my name should change
       
  • When I graduate or withdraw from Clarke University I must arrange for an exit interview by calling the Student Loan Office at (563)588-6417.
     
  • The repayment period begins nine (9) months after the borrower ceases to be at least a half-time student at Clarke University.
     
  • No interest will be charged while the borrower is at least a half-time student (six credit hours) at Clarke University or during the nine months grace period.  Interest shall accrue from the beginning of the repayment period at the annual percentage rate of five percent (5%) on the unpaid balance.
     
  • The borrower shall repay the principal and interest on this loan at a minimum rate of $120.00 per quarter (three months).  The size of the payment will depend upon the size of the total loan since the repayment period cannot exceed ten (10) years.
     
  • The loan is repaid to Clarke University through the university’s billing service.
     
  • Cancellation will be granted AFTER PROPER DOCUMENTATION is obtained for:
     
    • Certain types of elementary or secondary school teaching
    • Full-time staff members in Head Start
    • Full-time employee in Certain Child or Family Service Agencies
    • Certain Volunteer Services (Peace Corps, ACTION Programs)
    • Nurse or Medical Technician, Therapists
    • Law Enforcement or Corrections Officer
    • Military service in areas of hostilities
    • Death or permanent disability
       
  • After the borrower leaves Clarke University, both the principal and interest payments can be deferred if the borrower is at least a half-time student at another institution as long as the proper deferment form is filed each semester.
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