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Repayment

All correspondence regarding your Perkins Loan should be addressed to the Perkins Loan Collection office.

You have the right to request deferments, postponements, and cancellations which must be submitted to this office prior to your due date.

The  University of West Georgia has the right to accelerate or request payment in full on any delinquent loan.

Payments received after the 15th of the month are subject to late charges.

It is your obligation to notify this office of any changes in your name, address, and telephone number. Failure to contact this office regarding these changes and subsequent failure to receive monthly statements does not justify failure to remit payment.

You are responsible for contacting this office prior to your due date if you cannot make a payment or if you believe a payment will be delayed.

Hardship Repayment Options

Upon written request, if a borrower qualifies as a low-income individual during the repayment period, the school may extend the repayment period for up to an additional ten (10) years and may adjust any repayment schedule to reflect the borrowers income. Upon the borrower's written request, the school may extend the repayment period if, in its opinion, prolonged illness or unemployment prevent the borrower from making the scheduled repayments during which time interest will continue to accrue. The school may permit the borrower to pay less than the minimum monthly repayment rate for a period of not more than one year at a time if borrower experience a period of prolonged illness or unemployment except such action may not extend the repayment period beyond 10 years.

Grace Periods

The initial grace period before beginning repayment is 9 months. If a borrower is Less-Than-Half-Time with an outstanding Federal Perkins Loans, repayment begins when the next scheduled installment is due. If a borrower is Less-Than-Half-Time with no outstanding Federal Perkins Loan, the repayment begins the earlier of: 9 months from the date the loan was made, or 9 months from the date the borrower became less than a half-time student, even if the borrower received the loan after borrower became a less than half-time student. Payments will resume after a post-deferment grace period of 6 months that follows deferments that apply to Federal Perkins Loans.

Prepayment

Borrower may repay all or any part of unpaid loan balance, plus any accrued interest, at any time without penalty. Amounts borrower repay in the academic year in which the loan was made and before the initial grace period has ended will be used to reduce the amount of the loan and will not be considered a prepayment. If borrower repays amount during the academic year in which the loan was made the initial grace period ended, only those amounts in excess of the amount due for any repayment period shall be considered a prepayment. If, in an academic year other than the award year in which the loan was made, borrower may repay more than the amount due for an installment, the excess will be used to repay principal unless borrower designated it as an advance payment of the next regular installment.

Minimum Monthly Payment

Borrower will make a minimum monthly repayment of $40 (or $30 if borrower has outstanding Federal Perkins loans made before October 1, 1992 that included the $30 minimum payment option) if required by the school. If the total monthly repayment rate on this loan and any outstanding Federal Perkins loan a borrower may have is less than the minimum monthly repayment rate established by the school, the school may still require a minimum monthly repayment rate. A minimum monthly repayment amount will combine the borrowers obligation on this and all borrowers outstanding Federal Perkins loans, including those made at other schools. The portion of the minimum monthly payment that will be applied to this loan will be the difference between the minimum monthly payment and the total amounts owed at a monthly rate on other Federal Perkins loans. If each school holding any outstanding Federal Perkins loans exercises the minimum monthly payment option the minimum monthly repayment will be divided among the schools in proportion to the amount of principal advanced by each school.

Forbearance

Upon making a properly documented written request to our Perkins Loan Collections office borrower is entitled to forbearance of principal and interest or principal only, renewable at intervals up to 12 months for periods that collectively do not exceed three years, under the following conditions: If borrowers monthly Title IV loan debt burden equals or exceeds 20% of my total monthly gross income: if the Secretary authorizes a period of forbearance due to a national military mobilization or other national emergency; or if the school determines that borrower qualify due to poor health or for other reason, including service in AmeriCorps. Interest accrues during any period of forbearance.

Deferments