Perkins Loan: Deferments and Forbearance
Holy Cross recognizes that, after graduation, your life may take an unexpected turn that temporarily makes it necessary to put your loan repayments on hold. So in certain circumstances, the College may grant you a deferment or forbearance on your Perkins Loan.
Deferments
What it is: An approval to temporarily postpone payments during which time interest ceases to accrue.
When to apply: If attending graduate school, joining the Peace Corps or Jesuit Volunteer Corps (JVC), or during a temporary period of unemployment.
How to apply: Submit a Holy Cross deferment request form, available from the Assistant Bursar.
Other notes: Deferments vary depending on when your loan was disbursed. If your loan was disbursed before July 1, 1993, check your promissory note for the deferments that apply to that loan. Otherwise, contact the Assistant Bursar. To avoid late charges, continue making scheduled payments until you are notified that a deferment has been granted.
Forbearance
What it is: Loan payments are postponed or reduced for a limited and specific period; interest continues to accrue. May be granted in 12-month or shorter intervals for up to three years.
When to apply: If you were temporarily unable to meet your repayment schedule but not eligible for a deferment.
How to apply: Submit a written request to the Holy Cross Assistant Bursar. Be prepared to provide documentation to support your request.
Other notes: To avoid late charges, continue making scheduled payments until you are notified that forbearance has been granted.