Repayment Obligation

Repayment begins 9 months after you graduate, leave school, or drop below half time enrollment. You may be allowed up to 10 years to repay the loan. During the repayment period, you will be charged five percent, simple interest on the unpaid balance of the loan principal.

Application Procedure

1. Complete the FAFSA

   Statement of Rights and Responsibilities Under the Federal Perkins Loan Program: A Federal Perkins Loan is a serious legal obligation. Therefore, it is extremely important that you understand your rights and responsibilities.

2. You must, without exception, report any of the following changes to the Federal Perkins Loan Collections Office, Georgia Southern University, P.O. Box 8119, Statesboro, GA 30460, (912) 681-5974:
   1. If you withdraw from school;
   2. If you transfer to another school;
   3. If you drop below half-time enrollment status;
   4. If your name should change (because of marriage, for example);
   5. If your address or your parents' address changes;
   6. If you join military service, Peace Corps, or VISTA.
3. When you graduate or withdraw from Georgia Southern University you MUST arrange for an exit interview by calling (912) 681- 5974.
4. Your first monthly payment will be due nine months from the time you cease to be at least a half-time student.
5. Your minimum monthly payment will be at least $40.
6. The annual percentage rate of five percent will be the FINANCE CHARGE based on the unpaid balance and will begin to accrue six months after you cease to be enrolled as at least a half-time student.
7. Cancellation will be granted for certain types of elementary or secondary school teaching; for military service in areas of hostilities; for full-time staff members in Head Start; and for permanent disability. You also accept the responsibility to inform the school of such status. In the event of death, family members should contact the school.
8. If you enter the military service, Peace Corps, VISTA, or comparable tax-exempt organization, full-time active duty in the Commissioned Corps of the U.S. Public Health Service, while temporarily totally disabled, or return to at least half-time study at an institution of higher education, you may request that the payments on your National Direct Student Loan be deferred.
9. If you fail to repay any loan as agreed, the total loan may become due and payable immediately, and legal action could be taken against you.
10. You must promptly answer any communication from Georgia Southern University regarding the loan.
11. You may repay at any time. Future interest payments will be reduced by making such payments. If you cannot make a payment on time, you must contact Georgia Southern University Federal Perkins Loan Office at (912) 681-5974.
12. Your loan history will be reported to a credit bureau at the time of disbursement.
13. When you sign the loan agreement, you authorize Georgia Southern University to contact any school which you may attend to obtain information concerning your student status, year of study, dates of attendance, graduation, withdrawal, transfer to another school or current address.