You will also sign a promissory note. A promissory note is a binding legal document that lists the terms and conditions under which you are borrowing and agreeing to pay back the money.

When do I repay my Federal Perkins Loan?
You are not required to make loan principal or interest payments while still enrolled in school and for a time after you leave school. After you graduate, leave school or drop below half-time, you have a 9 month grace period before you must begin repaying your loan. You may be allowed up to 10 years to repay.

How much do I pay each month?
The amount of your payment depends on how much money you borrow and the length of your repayment period. If your loan was disbursed on or after October 1, 1992 and you had no Federal Perkins Loan balance outstanding, you must pay a minimum of $40 per month. Other previous borrowers may pay a minimum of $30 per month.

Is it possible to defer or postpone repayment of my Federal Perkins Loan?
Yes. If, for some extraordinary reason such as illness or unemployment, you cannot meet the terms of your repayment agreement, you should contact the College's Federal Perkins Loan Coordinator to make other arrangements.

Under some circumstances, you may be granted forbearance and be allowed to make payments of a lesser amount or you may qualify for a deferment. You must apply for each in writing and must continue to make your regular payments until your request is granted.

If your loan was first disbursed on or after July 1, l993, see the Student Loan Deferment and Cancellation Summary page for the available Perkins Loan deferment conditions. If your loan was disbursed before July 1, l993, check your promissory note for the deferment options available to you, or speak with the College's Federal Perkins Loan Coordinator. To qualify for either forbearance or a deferment, your loan must not be in default.

Are there circumstances where repayment of my loan can be canceled?
If you are not in default, there are certain conditions where repayment of your loan can be canceled. Refer to the Student Loan Deferment and Cancellation Summary for a list of cancellation conditions or contact the Federal Perkins Loan Coordinator for more information.

What happens if I don't make my loan payments and I don't notify the loan coordinator?
You may go into default. If that happens, you may be asked by the school to repay the entire loan immediately and can be sued by either the school or the Federal Government to collect it. You can be charged all interest plus late payment fees, court fees and collection costs. You can be reported to credit bureaus and have your future credit rating affected. The IRS may withhold your income tax refund and apply it to your loan balance. Finally, your school records will be impounded, you will be prohibited from registering at any CUNY college and will not receive any additional federal aid until the default status is rescinded.

	You must be provided with a copy of your promissory note. The original promissory note must be returned to you when the loan is paid in full.
	You have the right to a grace period before your repayment period begins and interest begins to accumulate. The exact length of your grace period is shown on your promissory note.
	You must be told the total amount of your debt (principal and interest), what your interest rate is, the total interest charges on your loan, and what other fees you should expect during the repayment period.
	You must be given a loan repayment schedule that lets you know when your first payment is due, and the number, frequency and the amount of all payments.
	You must be told where to send your payments and whom to contact if you have questions about your loan.
	You must be given a list of deferment and cancellation conditions and the conditions under which the Department of Defense will repay your loan.
	You must be given an explanation of options for prepaying your loan at any time without penalty, for refinancing your loan, and for taking advantage of a consolidation loan.
	You have a right to forbearance if your total loan debt is equal to or greater than 20% of your adjusted gross income. Forbearance is renewable every year for up to three years.

All the above will be provided as part of your entrance or exit counseling.

What are my responsibilities as a Federal Perkins Loan borrower?

	Signing a promissory note is your commitment to repay your Federal Perkins Loan. You must repay this loan even if you don't complete your education, can't get a job after graduation or are not satisfied with the education you received.
	You must notify the Federal Perkins Loan Coordinator if you graduate, withdraw, take a leave of absence, or drop below half-time status; if you transfer to another school; or if you change your name, address or social security number.
	You must complete an entrance counseling session on-line before receiving your first disbursement and an exit counseling session when you cease to be a half-time student at this College, due to graduation,withdrawal, academic dismissal or taking a leave of absence.
	You must repay your loan according to the repayment schedule, even if you do not receive a bill from the College. If you cannot meet the terms of the repayment agreement, you must notify the Federal Perkins Loan Coordinator immediately.
	If you qualify for a deferment or cancellation, you must file properly completed and certified forms with the billing service by the date payment is due.
	You must notify the Federal Perkins Loan Coordinator of any occurrence that may affect your eligibility for a deferment.