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Office of Accounting

Perkins Loan Services

Welcome to the Perkins Loan Program home page. We invite you to review our Web site. If you need assistance with finding information or have suggestions for improving our services, please contact us.

Spotlights:

Important Changes to the Federal Perkins Loan Program: Effective July 1, 2014:

Employment Cancellations: The regulation will allow a borrower to continue their same progression towards cancellation when they change public service fields (i.e. nursing to teaching, teaching to law enforcement, etc.). Applies to all categories that follow the standard cancellation progression of 15%, 15%, 20%, 20%, 30%, (excluded are Early Childhood and Volunteer Service because the cancellation rate progressions are different: Early Childhood is 15% per year until cancelled and Volunteer Service is 15% for first two years and 20% for years three and four, with a cap of 70%).

Break in Cancellation Service Due to Condition Covered Under The Family and Medical Leave Act (FMLA): The change allows a break in Perkins teacher cancellation service due to a condition covered by the FMLA, as is currently provided for in the FFEL and DL teacher forgiveness regulations. The regulation also allow for a break in service in the other Perkins cancellation categories due to a condition covered by the FMLA.

Teacher Cancellations: Under the new rule if a borrower is unable to complete an academic year of eligible teaching service due to a condition that is covered under FMLA, the period of qualifying FMLA condition does not constitute a break in teaching service if –

The borrower completes one half of the academic year; the borrower’s employer considers the borrower to have fulfilled his/her contract requirement for the academic year; and the borrower resumes eligible teaching service no later than the beginning of the next regularly scheduled academic year.

For cancellations in all other public service fields, the change states that: if the borrower is unable to complete a year of eligible service due to a condition that is covered under the FMLA, the period of the qualifying FMLA condition does not constitute a break in the required year of eligible service if the borrower completes at least 6 consecutive months of eligible service; and the borrower resumes eligible service no later than six months from the beginning date of the period of the qualifying FMLA condition.

***What I Owe/My Banking Information Changes: Effective October 2013***

If you are trying to access the My Banking Information through the What I Owe website, you will no longer be able to update your own banking information by logging onto the system unless you have an active UT ID card or a UT benefits card. We would be more than happy to update your banking information for you. Please fill out and return this form to us. You can return the form via mail, email, or fax. A voided check or personalized deposit slip must accompany your request.

Total & Permanent Disability Discharge: New Application Process Effective: 7/1/2013
If you wish to apply for a disability discharge on your Perkins loan, you will now apply directly with the Department of Education through their Total & Permanent Disability Servicer, Nelnet.

New: Federal Student Aid site - Financial Awareness Counseling
The Department of Education has released a new interactive loan counseling tool on their StudentLoans.gov website. The new Financial Awareness Counseling page provides tools and information to help you understand your financial aid and assist you in managing your finances. It also contains information about your current student loan debt and how to manage it. Here is a summary of the kind of information you can expect to find:

  • Information about all of your Federal Student loans in one easy location (NSLDS)
  • Useful tips on how to manage your money while you are in school
  • Helping you make a solid plan for student loan repayment
  • Tips on how to avoid going into Default on your loans and how to request deferment or forbearance
  • Learn all about Federal Loan cancellation benefits and forgiveness options
  • And finally, explore how to plan for your financial future including taxes, credit cards and building a good credit history

This is a great new resource for all student loan borrowers, take advantage of it today! You will need your FAFSA pin to access the site: https://studentloans.gov/myDirectLoan/financialAwarenessCounselingLanding.action

Important Changes to the Federal Perkins Loan Program
The College Cost Reduction and Access Act (Pub. L. 110-84), signed into law on Sept. 27, 2007, and the Higher Education Opportunity Act (Pub. L. 108-315), signed into law on Aug.14, 2008, changed the terms of loans made under the Federal Perkins Loan Program authorized by Part E of the Higher Education Act of 1965, as amended.

Please read the Addendum to Perkins Loan Regulations to see the changes that may affect your Perkins Loan. For further information, use the links in the navigation bar or the Important Loan Links below. As always, you may contact us at 512-475-7779, opt. 3 or perkins@austin.utexas.edu for additional information.

Loan Interest 1098-E forms are mailed by Jan. 31 of each year to borrowers who paid $600 or more in student loan interest during the previous year. This is interest paid on tuition loans, emergency loans, and Federal Perkins loans.

Important Loan Links

Collection Agencies
Credit Bureaus
Defaulted Loans
Loan Rehabilitation
Loan Consolidation
Glossary
For answers to frequently asked questions about Perkins Loans, visit askUS (keyword Perkins Loan).