Perkins Loans- Deferments/Cancellations


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Home > Alumni & Community > Perkins Loans > Deferments/Cancellations

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Deferments/Postponements/Cancellations

Below is a brief description and limited list of deferments, postponements, and cancellations. Please contact Mary Jane Welsh at the College at (302) 225-6268 for further details.

Deferments
In-School (Student) – This deferment of principal and interest is for anyone who is enrolled in six or more credits at an eligible institution of higher education. There is no limitation on the length or amount of time you can be approved for a student deferment.

Economic Hardship – This deferment of principal and interest is available to borrowers in repayment who are having difficulties making their monthly loan payments. This deferment can not exceed thirty-six (36) months.

Military Deferment- This deferment of principal and interest is available to borrowers who are serving active duty during war or other military operation or national emergency or performing qualifying National Guard duty during a war or other military operation or national emergency. This deferment can not exceed thirty-six (36) months.

Postponements
Forbearance – This postponement of principal only is available to borrowers in repayment who are having difficulties making their monthly loan payments.

Cancellations
Teacher – This cancellation is for borrowers in repayment who are elementary or secondary education teachers who teach in low income schools, or who teach in the fields of special education, mathematics, science, foreign language, or bilingual education. Up to 100% of the principal and interest may be eligible for cancellation.

Child or Family Services – This cancellation is for borrowers employed at a public or private nonprofit child or family service agency. Up to 100% of the principal and interest may be eligible for cancellation.