Collections


PERKINS LOANS

FOREBEARANCE/DEFERMENT BENEFITS

To receive any deferment benefit, the borrower must make a written request to Income Accounting and Student Loan Services (155 SSB), and provide the documentation required to prove eligibility. The borrower is responsible for submitting the appropriate request and supporting documentation timely, or the request may be denied. Following is a list of provisions that might be available to a Perkins loan borrower, depending on the time period when the loans are borrowed. PLEASE READ YOUR PROMISSORY NOTES CAREFULLY FOR SPECIFIC PROVISIONS.

  1. FOREBEARANCE
  2. STUDENT
  3. ECONOMIC HARDSHIP
  4. UNABLE TO FIND FULL-TIME EMPLOYMENT
  5. FELLOWSHIP
  6. REHABILITATION
  7. MILITARY
  8. MEDICAL DISABILITY
  9. INTERNSHIP/RESIDENCY
  10. OFFICER IN U.S. PUBLIC HEALTH SERVICE
  11. CANCELLATION SERVICES

CANCELLATION BENEFITS

To receive any cancellation benefit, the borrower must make a written request to Income Accounting and Student Loan Services (155 SSB), and provide documentation required to prove eligibility. The borrower is responsible for submitting the appropriate request timely, or the request may be denied. The cancellation is available only when Perkins Loan money ceases and services below will be performed full-time for a year. Following is a list of cancellations that might be available to a Perkins loan borrower, depending on the time period when the loans are borrowed. PLEASE READ YOUR PROMISSORY NOTES CAREFULLY FOR SPECIFIC PROVISIONS. 

  1. TEACHING
  2. EARLY INTERVENTION SERVICES
  3. LAW ENFORCEMENT OR CORRECTIONS OFFICER
  4. NURSE OR MEDICAL TECHNICIAN
  5. CHILD OR FAMILY SERVICE AGENCY
  6. HEAD START
  7. MILITARY SERVICE
  8. VOLUNTEER SERVICE
  9. DEATH AND DISABILITY

PRIMARY CARE, HEALTH PROFESSION, PHARMACY, NURSING AND INSTITUTIONAL LOANS DEFERMENT BENEFITS

Deferments for internship/residency, fellowship training, military training and other programs may be available. The individual loan program promissory note outlines the deferment benefits available in each of these loan programs. 

CANCELLATION BENEFITS

If there is a cancellation benefit, other than death or disability, it will be listed in the individual loan program promissory note. 

SHORT TERM TUITION or BOOK LOANS

Short term loans are given for books or tuition.  Interest of 1% accrues monthly from:  

  • October 15th for Fall Term Loans
  • March 15th for Spring Term Loans
  • July 15th for Summer Term Loans

If the loan is not paid by the due date, a registration, transcript  and diploma hold will be placed on the student account until the loan is paid in full. Interest and late charges will continue to accrue until the loan is paid in full. At thirty days or more past due, the loans may be referred for collections or litigation. 

STAFFORD/SLS/PLUS/HEAL DIRECT LOANS

The lender for these loans is the bank or credit union you designated as your lender. You may have borrowed from more than one bank or credit union. The University of Utah does not collect on these loans. They are usually collected by a secondary market or loan servicer. The following is a partial list of loan servicers: 

CornerStone

1-800-663-1662

FedLoan Servicing (PHEAA)

1-800-699-2908

Granite State – GSMR

1-888-556-0022

Great Lakes Educational Loan Services, Inc.

1-800-236-4300

HESC/Edfinancial

1-855-337-6884

Please visit https://studentaid.ed.gov/sa/ for more information about Federal Loan Repayment.