Once the repayment period begins, you may be eligible for periods of deferment during which interest does not accrue on the loan balance and repayment of principal is not required. Deferment types and descriptions are listed below.

Need to conact us about a deferment?

Student deferment — unlimited
Perkins borrowers may defer their loans if they are enrolled at least half time in a degree-granting program at an institution of higher education. Deferment must be requested for each term of enrollment and is the responsibility of the borrower. In some instances, a deferment form may be required each semester. Deferments are granted on a closed-ended basis, which is to say they are granted for a set period of time based on the timeframe verified by the institution you currently attend.

Graduate fellowship deferment — unlimited
Perkins borrowers may defer their loans for enrollment in a graduate fellowship program approved by the U.S. Department of Education or when engaged in a graduate or postgraduate fellowship-support study outside the United States. All of the following borrower and program requirements must be met.

Program requirements:

  • The fellowship program must provide financial support to the fellow for at least six months.
  • As part of the graduate fellowship award process, the applicant (borrower) must provide a written statement of objectives.
  • The fellowship program must require the fellow to submit periodic reports, projects or evidence of progress.
  • In the case of study at a foreign university, the applicant accepts the course of study for completion of the fellowship program.

You must provide a statement from an authorized official of the graduate fellowship program certifying:

  • You hold at least a baccalaureate degree conferred by an institution of higher education.
  • You have been accepted or recommended by an institution of higher education for acceptance on a full-time basis into the graduate fellowship program.
  • The anticipated date on which you will complete the program.
  • Fellowship deferment form

Unemployment deferment — 36 months
Perkins borrowers are eligible for up to 36 months of deferment if unable to secure full-time employment. The following documentation should be provided:

  • Verification of unemployment, such as unemployment compensation.
  • Attempts to secure employment, such as registration with the state or county unemployment office.
  • Unemployment Deferment form

Economic hardship deferment — 36 months
Perkins borrowers are considered to have an economic hardship if:

  • Working ful -time but earning an amount that is less than the federal minimum wage rate (monthly amount, based on $7.25/hour): $1,256.67 or 150% of the poverty guideline for my family size and state of residence or
  • Receiving public assistance, such as Temporary Assistance for Needy Families (TANF) Food Stamps/Supplementary Nutritional Assistance Program (SNAP), Supplemental Security Income (SSI), State-sponsored General Assistance, etc.
  • Economic Hardship Deferment form

Military deferment
For Perkins loans, unlimited deferment is available to Armed Forces reservists and National Guard personnel called to active duty and to regular military personnel assigned to duty stations other than their normal stations because of war, military operation or national emergency.

Rehabilitation training deferment — unlimited
Perkins borrowers who are enrolled in a course of study that is part of a certified rehabilitation training program for disabled individuals are eligible for deferment of principal and interest. Deferment is unlimited. For NDSL/Perkins loans made before July 1, 1993, eligibility began on Oct. 1, 1998. The rehabilitation agency must be licensed, approved or certified by one of the following:

  • A state agency with responsibility for vocational rehabilitation programs.
  • A state agency with responsibility for drug abuse treatment programs.
  • A state agency with responsibility for mental health services programs.
  • A state agency with responsibility for alcohol abuse treatment programs.
  • The Department of Veteran Affairs.

The program must provide the borrower with rehabilitation services under a written plan that:

  • Is individualized to meet the borrower’s needs
  • Specifies the date on which the services began and when they are expected to end and
  • Is structured in a way that requires a substantial commitment by the borrower to his or her rehabilitation
  • Rehabilitation training deferment form

Financial hardship forbearance
Perkins borrowers may request a financial hardship forbearance if they are experiencing financial difficulty but do not qualify for any other type of deferment. Forbearance only defers principal payments. Interest continues to accrue. All interest is due at the end of the forbearance period and cannot be capitalized (added to the principal balance and charged interest upon the new balance). Forbearance may be requested by phone, in person or in writing by competing our financial arrangement form.

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P.O. Box 5866
Carol Stream IL 60197-5866

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