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Federal Perkins Loan Program

Frequently Asked Questions for Federal Perkins Loan Program:


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What is a Perkins Loan?

A Federal Perkins Loan is a low-interest loan for eligible students. The loan is funded by the federal government and Oakland University. Oakland University is the lender of the Perkins Loan.


To learn more about OU's program, visit Oakland's Financial Aid Web site.


For detailed information regarding Perkins Loans you may go directly to the Federal Student Guide or you may go to the University Accounting Service Web site.


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How do I apply for a Perkins Loan?

For information on applying for a Perkins Loan, visit Oakland's Financial Aid Web site.


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What is entrance counseling?

Before you receive your Perkins Loan, you are required by federal regulation to complete an entrance counseling session. The session will show you how to manage your student loans, both during and after college.


You can find more information on Borrower's Responsibilities for Perkins Loans online.


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How do I complete entrance counseling for my loan?

You can complete Perkins Loan Entrance Counseling online through Mapping Your Future.


Satisfying entrance counseling for Perkins Loans does not satisfy entrance counseling for Direct Loans, and vice versa.


For more information on entrance counseling, visit Oakland's Financial Aid Web site.


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What is the interest rate on a Perkins Loan?

The interest rate on a Perkins Loan is currently 5%.


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What is exit counseling?

Before you graduate -- or drop below half-time attendance -- you are required by federal regulation to complete an exit counseling session. The session will show you how to manage your student loans after college.


You can find more information on Borrower's Responsibilities for Perkins Loan online.


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How do I complete exit counseling for my loan?

You can complete Perkins Loan Exit Counseling online through University Accounting Service.


Satisfying exit counseling for Perkins Loans does not satisfy exit counseling for Direct Loans, and vice versa.


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What happens once I am no longer attending school?

Students have a nine-month grace period after they stop attending school to either begin repayment or obtain a deferment or forbearance of the Perkins Loan.


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When will I have to repay my Perkins Loan?

A Perkins Loan goes into repayment nine-months after the student graduates or no longer attends the university.


You can find more information on federal student loan repayment options online.


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What type of repayment options do I have?

Oakland University uses a billing service provider (University Accounting Service) to handle all Perkins Loans.  This service allows you to make payments online, apply for deferments or forbearance, consolidate your loans and obtain other benefit information.


You can find more information on federal student loan repayment options online.


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Should I consolidate my Perkins Loan?

Loan Consolidation may be an option if you have multiple lenders, significant loan debt, or different types of student loans. Through consolidation, a lender buys all of your eligible loans and combines them into one new loan.


Loan consolidation offers benefits such as one consistent monthly payment, an extended repayment period, and a smaller payment amount each month. However, consolidation also means the loss of all interest-free periods associated with a Perkins loan as well as the loss of cancellation benefits. Also, a longer repayment period means more interest is paid over the life of the loan (source www.uaservice.com).


Before you choose consolidation, be sure you understand the benefits and drawbacks (source www.uaservice.com). For more information regarding loan consolidation, please review the Federal Student Guide.


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I am still attending school but I received a bill for my Perkins Loan. Why?

Once you stop attending or graduate from Oakland University your Perkins loan goes into a grace period. After the grace period, your loan goes into repayment. If you are enrolled at least half time at another institution, you need to submit your Deferment Form to the Registrar’s office at the school you are currently attending. The receipt of a bill indicates that we did not receive the deferment form from your school.


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What types of deferments and forbearances are available for the Perkins Loan Program?

You can obtain eligibility information on the various types of deferments and forbearances online.


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How do I defer my Perkins Loan?

If you are requesting a deferment of your Perkins Loan because you are still going to school, you need to submit your deferment form to the Registrar’s office at the school you are currently attending. 


If you are requesting other types of forbearance or deferment (unemployment, economic hardship, etc.) for a Perkins Loan, you need to complete a financial arrangement form and submit it to Oakland University’s Perkins Loan Administrator at:


Oakland University

Office of Student Financial Services

ATTN: Perkins Loan Administrator

2200 N. Squirrel Road

Rochester, Michigan 48309


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How often do I need to file a student deferment form?

If your account is deferred because you are still going to school, you need to submit a deferment request annually.


If your account is deferred for any other reason, you need to refer to the letter you received granting your deferment for further information. You may also contact Oakland University’s Perkins Loan Administrator at (248) 370-2550.


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I have filed a student deferment with my lender. Why isn’t my Perkins Loan deferred?

If you are enrolled at least half time at another institution, you need to submit your Deferment Form to the Registrar’s office at the school you are currently attending. The receipt of a bill indicates that we did not receive the deferment form from your school.


If your account is deferred because you are still going to school, you need to submit a deferment request annually.


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What happens after my deferment or forbearance ends?

Borrowers have a six-month grace period following a deferment to begin repayment.


Borrowers enter repayment immediately after a forbearance period ends.


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I didn’t receive my Perkins Loan billing statement.  Now what?

If you recently moved, your mail may not have caught up with you, even if you filed a forwarding order with the Post Office. Oakland University students may submit their address changes online through the secure SAIL system using the Personal Information Link. The SAIL system allows convenient 24/7 online access from anywhere with an internet connection as well as keeping your information safe and secure through our password protected system. Online address changes through the secure SAIL system is the university’s preferred way for students to submit their address changes.


Students wishing to change their address may also do so in-person at either the Registration Office, 100 O'Dowd Hall or Student Financial Services, 120 North Foundation Hall. Photo ID must be presented for any in-person transaction.


It is very important that you also change your address with University Accounting Service (UAS) through their secure online system.


It is your responsibility to make your loan payments even if you don't receive a statement. You may review your statement and make a payment by accessing your UAS account online.


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What is the total balance of my Perkins Loan?  What is the balance due on my Perkins Loan?

You may obtain this information by accessing your University Accounting Service (UAS) account online. If you do not already have a password, you will need to enroll in this program. You may also call the UAS Interactive Voice Response system at (800) 999-6227. The system operates 24-hours a day, 7 days a week.


You may also obtain status information on your federal financial aid awards through the National Student Loan Database. The site displays loan/grant amounts, disbursements, outstanding balances and loan statuses.


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Where do I submit my Perkins Loan payments?

Checks or money orders must be made payable to Oakland University and mailed directly to University Accounting Service at:


University Accounting Service

PO Box 5291

Carol Stream, IL  60197-5291 


You may access your University Accounting Service account and make payments electronically.


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Can I make my Perkins Loan payment over the telephone?

No, but you may access your University Accounting Service account and make payments electronically.


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I have heard that some students are eligible to have their Perkins Loan cancelled or dismissed?

You can obtain eligibility information on cancellations online.  You must complete a Cancellation Form to apply for cancellation of your Perkins Loan.  Send the form to the address listed at the bottom of the form.


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When is a Perkins Loan considered past due or in default?

Your account is considered past due the first day after the bill is due. Late charges may be assessed once your account becomes past due.


Your account is considered in default once you are 240 days past due. Once your account is in default, you may lose your eligibility for additional Title IV financial aid.


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What are the consequences for defaulting on a student loan?

Defaulting on a student loan has serious consequences for the borrower (taken from the Department of Education's conference on federal student aid):

  • Credit report damage (7-year minimum)
  • Increased auto insurance premiums (based on credit score)
  • Wage garnishment
  • Seizure of federal and state tax refunds
  • Seizure of portion of any federal payment
  • Legal action in federal district court
  • Financial Aid ineligible
  • No mortgage loans
  • May lose state occupational license
  • May have difficulty obtaining car loans
  • May be unable to rent an apartment
  • May be turned down for jobs
  • Collection costs

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I have heard that my account is reported to a Credit Bureau. Why?

All Federal Perkins loans are reported to credit bureaus (in compliance with loan program regulations).


If you make payments and/or file for deferment or forbearance on time, your credit report will reflect a positive history, which is the first step in establishing a good credit rating.


If you have questions about the status of your Perkins Loan as reported to credit bureaus, please contact University Accounting Service at (800) 999-6227 for an explanation.


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