Deferment

Under certain circumstances, a borrower is entitled to have the repayment of a loan deferred. During deferment, the borrower is not required to pay loan principal and interest does not accrue. After each deferment, the borrower is entitled to a post-deferment grace period of six consecutive months.

The borrower who requests a deferment must provide Utah Valley University Collections Office with all the information and documents to prove eligibility in a timely manner or the request may be denied.

The following is a list of provisions that might be available to a Perkins loan borrower, depending on the time period when the loans were given, please read your promissory notes carefully for specific provision.

1. In-School
   1. A borrower may defer repayment of a Perkins loan is he or she is enrolled at least half time in an eligible school.
2. Graduate Fellowship
   1. A borrower may defer repayment if he or she is enrolled and in attendance as a regular student in a course of study that is part of a graduate fellowship program approved by the Department, including graduate or postgraduate fellowship-supported study outside the United States.
3. Rehabilitation training
   1. A borrower may defer repayment is he or she is enrolled in a course of study that is part of a Department-approved rehabilitation training program for disabled individuals.
4. Seeking full-time employment
   1. A borrower may defer repayment on a Perkins loan for up to three years, regardless of disbursement date and contrary provisions on the promissory note, if the borrower is seeking and unable to find full-time employment. Schools may determine the documents the borrower must provide to apply for this deferment.
      
5. Economic hardship
   1. A borrower is entitled to an economic hardship deferment for periods of up to one year at a time, not to exceed three years cumulatively. The borrower must provide satisfactory documentation to the Collections Office.
6. Military service (active, war-time duty only)
   1. A borrower who is serving on active duty or performing National Guard duty during a war, military operation, or national emergency does not need to pay principal or interest on Perkins loan.
      
7. Internship / Residency
   1. A borrower who is serving in a medical internship or residency program is not considered to be in school for deferment purposes and may not receive an in-school deferment on that Perkins loan for the internship or residency program; however, the borrower is eligible for an internship deferment for up to two years.
   2. While the borrower is serving an eligible internship, he or she may defer repayment for up to two years. Interest will not accrue during the internship deferment. An eligible internship is one that requires the borrower to hold at least a bachelor’s degree before beginning the program.
8. Officer in the U.S. Public Health Service
9. Cancellation Services

Forbearance

Forbearance is usually a temporary postponement of payments that both the borrower and Utah Valley University Collections Office must agree upon. Borrowers must request a forbearance in writing or verbally and provide supporting documentation of the reason for forbearance. Interest continues to accrue during any period of forbearance.

In order to request forbearance for your Perkins loan, please fill out the Forbearance Request and return it to the Collections Office or call 801.863.8611 to request the forbearance verbally.