Deferring Perkins and Institutional Loans
Under certain circumstances a borrower may have their Perkins and/or Institutional loans deferred.
If You Are Still in School:
- If you are at least a half-time student you can defer your loan. You must follow up with ECSI or D'Youville College to ensure your deferment is processed.
- Your enrollment will be verified at the National Student Clearinghouse and your deferment processed. Deferments are processed one session/semester at a time.
- If your school does not report to the National Student Clearinghouse you will need to have the Registrar's Office at your school complete an enrollment verification to certify your enrollment
If You Can Claim Economic Hardship:
Economic hardship deferments can be granted for up to one year at a time, not to exceed a total of three years. Borrowers must provide satisfactory documentation showing that they are within any of the following categories:
- You have been granted an economic hardship deferment for either a Stafford or PLUS Loan for the same period of time for which the Perkins Loan deferment has been requested;
- You are receiving federal or state public assistance, such as Temporary Assistance to Needy Families (formerly, Aid to Families with Dependent Children), Supplemental Security Income, Food Stamps, or state general public assistance;
- You are working full time and are earning a total monthly gross income that does not exceed 150 percent of the poverty line for your family size;
- You are not receiving total monthly gross income that is more than twice the amount in (3) above and that income minus an amount equal to the your monthly payments on federal postsecondary education loans does not exceed the amount specified in (3) above;
- You are working full time and have a federal educational debt burden that is 20% or more of the your total monthly gross income and your total monthly gross income minus such burden is less than 220% of the amount specified in (3) above; or
- You are serving as a volunteer in the Peace Corps.
If You Are Unemployed:
Deferment can be granted for up to one year at a time, not to exceed a total of three years, during time periods where the borrower is seeking and unable to find full-time employment.
A borrower may defer repayment if he or she is enrolled in a course of study that is part of a Department-approved rehabilitation training program for disabled individuals.
A borrower may defer repayment if he or she is enrolled and in attendance as a regular student in a course of study that is part of a graduate fellowship program approved by the Department, including graduate or postgraduate fellowship-supported study (such as a Fulbright grant) outside the United States.
Deferment is available to Armed Forces Reservists and National Guard personnel called to duty and to regular military personnel assigned to duty stations other than their normal stations due to war, military operation, or national emergency.
Forbearance is a temporary postponement of payments, and can be granted to any borrower experiencing financial difficulty. During the forbearance period, interest continues to accrue monthly. Perkins and Institutional loan borrowers should make arrangements to pay interest monthly as it accrues. Forbearance can be granted for up to one year at a time, not to exceed three years. Forbearance can be granted for borrowers experiencing the following:
- Financial hardship
- Poor health, as certified by a physician
If you have any questions or concerns please contact the Student Loans and Collections Office at email@example.com.