Federal Perkins Loan Program

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1 Repayment Provisions Federal Perkins Loan Program Federal Perkins Loan Program Is there any penalty for prepaying or paying my loan off early? How long is the initial grace period? Does interest accrue during my grace period? What is my interest rate? All student loans are simple interest loans; the interest is calculated on the unpaid principal balance at the time of billing. What is my minimum payment amount per month? Am I responsible for all collection agency fees and litigation fees accrued on my loan? Will my loan be accelerated if my account is turned over to a collection agency Once my loan is accelerated and the entire principal balance and accrued interest is due immediately, will I lose all deferment and cancellation privileges? If my loan is accelerated, will I receive a 6 month renewable grace period? Will my student loan be reported to a National Credit Bureau? Is my loan reported to a National Credit Bureau each month I am in repayment and is it notified when the loan is paid in full? Will accepting the Federal Perkins Loan affect my eligibility for other types of financial aid? If I default on my loan will I be eligible for additional federal Title IV financial aid? Will I be assessed late 9 months 5 percent $40.00, your financial need will be affected by the amount of the Federal Perkins Loan. As a result, it may be necessary to reduce or cancel other aid such as scholarship, grants or other loans., the late charge may be up to, but not to exceed 20% of the

2 charges if my payment is not submitted on time? Who holds the promissory note for my Perkins Loan? What is the maximum annual loan amount? What is the aggregate limit? Is it possible to coordinate a minimum monthly payment option with another school's loans? Loan Rehabilitation regularly scheduled payment. The school holds the promissory note. Undergraduate $5, Graduate $8, Undergraduate $27, Graduate $60,000.00, if you desire to coordinate payments with loans from another school it is the borrower's responsibility to request such coordination. If you default on your Federal Perkins Loan, you may rehabilitate your defaulted loan under the terms and conditions specified in your promissory note by making nine on-time, consecutive, monthly payments, as determined by the loan holder. After your loan is rehabilitated, collection costs on the loan may not exceed 24% of the unpaid principal and accrued interest as of the date following the application of the ninth consecutive payment. Deferment Provisions Federal Perkins Loan Effective October 1, 2007, these deferments are available on all loans made under this program. As of October 1, 2007, you may defer making scheduled installment payments, and will not be liable for any interest that might otherwise accrue on your Federal Perkins Loans, for an unlimited period during which you are serving on active duty during a war or other military operation or national emergency, or performing qualifying National Guard duty during a war or other military operation or national emergency, (as these terms are defined in 34 CFR (h) of the Perkins Loan Program regulations) and, if your active duty service includes October 1, 2007 or begins on or after that date, the 180-day period following the demobilization date for your service. As of October 1, 2007, if you are serving on active duty military service on that date, or begin serving on or after that date for at least a 30-day period, you may defer making scheduled installment payments, and will not be liable for any interest that might otherwise accrue on your Federal Perkins Loans, for up to 13 months following the conclusion of your service and initial grace period if you are a member of the National Guard or other reserve component of the Armed Forces of the United States or a member of such forces in retired status (as these terms are defined in 34 CFR (i)(2)) and you were enrolled in a program of instruction at the time, or within six months prior to the time you were called to active duty. Active duty does not include active duty for training or attendance at a service school or employment in a full-time, permanent position in the National Guard unless you are reassigned from that position to another form of active duty service. Effective July 2006, these deferments are available on all loans made under this program. Deferments are available if you are at least a half-time student at an institution of higher education If you are 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.

3 If you are engaged in graduate or postgraduate fellowship-supported study (such as a Fulbright grant) outside the united states. If you are enrolled in a course of study that is part of a Department-approved rehabilitation training program for disabled individuals. If you are engaged in certain types of service that qualify the borrower for cancellation of the loan. If you are seeking and unable to find full-time employment. If you are suffering an economic hardship. If you are serving as a full time volunteer for the Peace Corps, ACTION programs such as VISTA, or any approved comparable tax-exempt organization (up to 3 years). Effective July 1, 2001, if you are a member of the U.S. Armed Forces (Army, Navy, Air Force, Marines, or Coast Guard) the Reserves, or National Guard called to military service in connection with a war or other military operation or national emergency. If you are a member U.S. Armed Forces Active Duty and have completed active duty and you were enrolled in a postsecondary school at the time of activation, or six months prior to activation. Below are other deferments that you may be eligible, if you borrowed your loans before July 1, 1993 If you are serving in the U.S. Armed Forces or in the Commissioned Corps of the Public Health Service (up to 3 years) If you are temporarily totally disabled according to the sworn affidavit of a qualified physician, or while you are unable to work because you must care for a spouse or other who is temporarily totally disabled (up to 3 years) If you are serving an internship and/or residency that is required to gain professional recognition or needed to begin professional practice or service If you are serving in the National Oceanic and Administration Corps (up to 3 years) If you are a mother of pre-school age children and you are going to work (or back to work) at a salary not more than $1 above the minimum wage If you must take parental leave for each period during which you are pregnant, caring for your newborn child, or are caring for your newly adopted child (up to 6 months). You must be unemployed, must not be a student, and must apply within six months after your leave school or drop below half-time status. If you are serving in a dental residency program. (2 year max.) (1 yr. max.) (6 mo. max.) Forbearance Upon making a properly documented request to the holder of your loan, orally or in writing, you are entitled to forbearance of principal and interest, or principal only, renewable at intervals of up to 12 months for periods that collectively do not exceed three years, under the terms and conditions specified in your promissory note.

4 Cancellation Provisions Effective August 14, 2008, the following cancellations are available to any borrower under this program, regardless of when the student borrowed or the term of the promissory note. Federal Perkins Student Loan 100 percent of the balance of your student loan will be canceled in the event of your death Upon making a properly documented written request to the school on or after July 1, 2008, you are entitled to a discharge of the total amount owed on your Federal Perkins Loan if the Department of Veterans Affairs determines that you are unemployable due to a service-connected disability. service that includes August 14, 2008, or begins on or after that date, as a full-time staff member in a pre-kindergarten or child care program that is licensed or regulated by the State and that is operated for a period comparable to a full school year in the locality if your salary is not more than the salary of a comparable employee of the local educational agency. (The cancellation rate is 15 percent of the original principal loan amount--plus the interest that accrued during the year-- for each complete school year.) entitled to have up to 100% of the original principal loan amount of your Federal Perkins Loan cancelled for qualifying teaching service that includes August 14, 2008, or begins on or after that date, in a school or location, operated by an educational service agency, that has been determined to have a high concentration of students from low-income families. An official Directory of designated low-income schools and locations operated by educational service agencies is published annually by the Department. A full-time special-education teacher, including teachers of infants, toddlers, children, or youth with disabilities in a public or other nonprofit elementary or secondary school system A full-time nurse or medical technician providing health care services A full-time qualified professional provider of early intervention services in a public or other nonprofit program under public supervision. A full-time employee of an eligible public or private nonprofit child or family service agency who is providing or supervising the provision of services to both high-risk children who are from low-income communities and the families of such children. A full-time teacher in a public or other nonprofit elementary or secondary school in the fields of mathematics, science, foreign languages, or bilingual education or in any other field determined by a state education agency to have a shortage of qualified teachers. full-time service that includes August 14, 2008, or begins on or after that date, as a member of the Armed Forces of the United States in an area of hostility that qualifies for special pay under section 310 of title 37 of the U.S. Code. Full time law enforcement or corrections officer or a person whose principal responsibilities are unique to the criminal justice system. A volunteer under the Peace Corp Act or ACTION or Vista Volunteer. (The cancellation rate is 15 percent of the original principal loan amount for the each of the first two years of service and 20 percent of the original principal loan amount for the third and fourth years of service -- plus the interest that accrued during the year.) full-time service that includes August 14, 2008, or begins on or after that date, as an

5 attorney employed in a defender organization established in accordance with section 3006(g)(2) of title 18, U.S.C. service that includes August 14, 2008, or begins on or after that date, as a full-time firefighter for a local, State or Federal fire department or fire district. full-time service that includes August 14, 2008, or begins on or after that date, as a faculty member at a Tribal College or University, as that term is defined in section 316 of title 20, U.S.C. full-time service that includes August 14, 2008, or begins on or after that date, as a librarian, if you have a master s degree in library science and you are employed in an elementary or secondary school that is eligible for assistance under part A of title I of the elementary and Secondary Education Act of 1965, or you are employed in a public library that serves a geographic area that contains one or more of such schools. full-time service that includes August 14, 2008, or begins on or after that date, as a fulltime speech-language pathologist if you have a master s degree and if you are working exclusively with schools that are eligible for assistance under title I of the Elementary and Secondary Education Act of CANCELLATION RATES With the exception of the cancellation rates indicated specifically above, the cancellation rate per completed academic year of full-time teaching or for each year of otherwise qualifying full-time service is the following. 15 percent of the original principal loan amount - plus the interest that accrued during the year - for each of the first and second years 20 percent of the original principal loan amount - plus the interest that accrued during the year - for each of the third and fourth years 30 percent of the original principal loan amount - plus any interest that accrued during the year - for the fifth year CRITERIA FOR TEACHER CANCELLATION Eligibility for teacher cancellation is based on the duties presented in an official position description, not on the position title. To receive a cancellation, the borrower must be teaching full time in a public or other nonprofit elementary or secondary school system and must be directly employed by the school system. There is no provision for canceling Perkins Loans or NDSL's for teaching in postsecondary schools. For borrowers who filed for bankruptcy after October 7, 1998, a Federal student loan is not dischargeable in bankruptcy unless the bankruptcy court has determined that repayment would cause an undue hardship to the debtor. A loan is no longer dischargeable in bankruptcy no matter how long it has been in repayment. Loans can also be discharged (canceled) if you cannot complete a course of study because the school closed or the loan application was falsely certified.

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