Federal Perkins Loan

Deferments

A borrower is entitled to have the repayment of a loan deferred under certain circumstances. A deferment is a period of time during which the borrower is not required to repay the loan principal and interest does not accrue. After each deferment, a borrower is entitled to a post-deferment grace perod of six consecutive months.

In order to qualify for a deferment, borrower's must meet the specific eligibility requirements for that deferment type. To apply for a deferment, download the required form from the ACS website or from this site under campus loan forms. Complete the form in detail and be sure to include any required authorization or documentation listed in the eligibility requirements section.

Send the form to ACS for processing (address is on the form).  The form must be submitted in a timely matter. If it is not, and the loan is past-due, a LATE CHARGE will be assessed and the loan may be REPORTED AS A DELINQUENT ACCOUNT TO THE NATIONAL CREDIT BUREAUS.  After ACS reviews/processes the deferment the borrower will receive notification that the deferment was applied, rejected, or returned for additional information.

A note regarding Student Deferments:
Some schools participate in a program with the National Student Loan Clearinghouse. The schools that participate in this program automatically report each student's enrollment status to the Clearinghouse. The Clearinghouse then reports this information to all lenders and servicers. If the school the borrower is attending is a member, the borrower does not need to complete a written In-School Deferment form, as ACS will be notified of the enrollment electronically. Check the Clearinghouse for a schools participation. The borrower can also determine if a school participates in the National Student Loan Clearinghouse program, by logging into his or her account at ACS and clicking on loan repayment, then deferment. If the school is not a member, the borrower will need to submit a deferment request in writing.

The borrower can check the status of his or her loan at anytime by logging in to ACS and viewing the Account Summary page.

NNU is not required to grant a deferment on loans in default. The borrower must file a form at least once a year for as long as the deferment can be claimed. For student deferments, the borrower must file a form at the beginning of each term/semester. The borrower must immediately report any change in deferment status to the NNU.