Perkins Loans

The Federal Perkins Loan Program is a need-based loan that has been guaranteed by the Federal Government. The Perkins loan must be used for educational expenses while in attendance at the University of Denver. These expenses may include tuition, fees, books, room & board and transportation.

Important: Under federal law, the authority for schools to make new Perkins Loans ended on Sept. 30, 2017, and final disbursements were permitted through June 30, 2018. As a result, students can no longer receive Perkins Loans. 

The University of Denver is the holder of the borrower's Perkins promissory note. The borrower must report any change of name, address, telephone number, Social Security number or school enrollment status to the Office of Student Billing.

Terms & Conditions

  • Cancellation

    A borrower may have all or part of his or her loan (including interest) canceled for engaging in public service such as: teaching; service in a Head Start program; service in the Peace Corps or ACTION; service in the military; or law enforcement or as a corrections officer. Cancellation is also granted in the event of the borrower's death, total and permanent disability or—in exceptional cases—bankruptcy. Cancellation provisions vary, depending on whether the borrower has a Federal Perkins, Direct, or Defense loan. The following procedures apply to any Perkins loan cancellation request:

    • The borrower must apply for cancellation of a loan by obtaining the appropriate cancellation form from the Office of Student Billing at the University of Denver.
    • The form must be submitted to the University within 30 days of the request.
    • The borrower must provide any documentation the school requests to show that he or she qualifies for the cancellation. For additional information, the borrower may contact the Bursar's Office.
  • Credit Bureau Reporting

    All disbursements will be reported to a national credit bureau agency on a monthly basis.

  • Default

    Should the borrower fail to repay his or her loan he or she will be in default. Any default will be reflected on the borrower's credit bureau record for at least seven years. Collection on the defaulted loan may be referred to an outside collection agency or to the Federal government, whereby these entities may exercise their rights in accordance with the law. This may result in additional collection and legal costs to the borrower.

  • Deferment

    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 will not accrue. Interest does accrue during a hardship deferment for loans made before July 1, 1993.

    Borrowers must apply for a deferment in writing. They may do so by contacting the University's Office of Student Billing or accessing the form [link to deferment form pdf]. The form must be submitted to DU, with the appropriate documentation, by the date established by the school.

    The borrower must file a form at least once a year for as long as the deferment is presumed effective. The borrower must immediately report any change in deferment status to the University.

  • Deferment Privileges

    The borrower may delay payments on their loan by submitting forms, properly completed and certified, for any of the following reasons (subject to approval): Student; Military; Peace Corps or VISTA; Public Health Service; Volunteer Service in a Tax Exempt Organization; Temporary Disability; Internships; Economic Hardship; Forbearance; Hardship; Mother with Preschool-Age Children; or Parental or Maternity Leave.


  • Grace Period

    The interval between graduation or termination of at least half-time enrollment and commencement of repayment is called the grace period. The grace period consists of nine (9) consecutive months for loans originated after January 1, 1987.

    During this period, repayment need not be made and interest will not accrue. However, the borrower is encouraged, at his or her option and without penalty, to make a pre-payment during this period of time. There is no pre-payment penalty.

  • Interest Rate

    The interest rate on the Perkins loan is 5% and accrues after the borrower's initial grace period.

  • Loan Consolidation

    If the borrower has student loans from one or more lenders, then the borrower may reduce his or her payments or extend the repayment period by consolidating the loans. To qualify for consolidation the borrower must:

    • Have left school. Only the Federal/National Direct, SLS, Stafford (both subsidized and subsidized), and/or Health Professions Student loans can be consolidated. For additional information you may contact your lender(s).
  • Loan Rehabilitation

    If the borrower defaults on his or her NDSL or Federal Perkins Loan, he or she may rehabilitate their defaulted loan by requesting the rehabilitation and by making an on-time, monthly payment as determined by the loan holder, each month for nine consecutive months.

    If the borrower successfully rehabilitates his or her defaulted NDSL or Federal Perkins Loan, he or she will again be subject to the terms and conditions and qualify for the benefits and privileges of the borrowers original promissory note and the default will be removed from the borrower's credit history. The borrower can rehabilitate a defaulted NDSL or Federal Perkins Loan only once.

  • Repayment

    Repayment commences after the borrower's 9 month grace period has ended. The borrower's payments are monthly and the borrower is billed in arrears for interest accrued. The minimum monthly payment is $40.00. The monthly payment is calculated based on the principle of the loan, a 10 year repayment schedule at a 5% fixed interest rate. These figures are guidelines in accordance with Federal regulations. 

  • Student Loan Ombudsman's Office

    If there is a dispute in regards to the terms of your loan submitted in writing that the University is unable to resolve, borrowers have the right to contact the Student Loan Ombudsman’s office.
    Phone: 1-877-557-2575
    Fax: 606-396-4821
    Mail: FSA Ombudsman Group
    PO Box 1843
    Monticello, KY 42633