If you default on your Federal Perkins Loan, you may rehabilitate your defaulted loan by requesting the rehabilitation and by making an on-time, monthly payment, as determined by the University, each month for twelve (12) consecutive months.
The advantages of successful loan rehabilitation:
- You will again be subject to the terms and conditions of the original promissory note.
- You will qualify for the benefits and privileges of your original promissory note (i.e. deferment, forbearance and cancellation benefits).
- The default will be removed from your credit history.
- You will have an additional nine years to repay the remaining balance in full. You can rehabilitate a defaulted Federal Perkins Loan only once.
If you are interested in loan rehabilitation, please contact the Student Debt Management Office at 303-315-1828.