Loan Repayment
- Federal Perkins Loans
- Brown University Loans
- Federal Direct Loans
Borrower Responsibilities
Students (and parents) who have borrowed a federal, state, University and/or supplemental loan are required to repay the amount of funds borrowed, with interest, according to the terms of the promissory note that was signed. Loans are legal obligations of which you are subject to all terms and conditions. After you graduate, leave school, or drop below half-time enrollment, you have a period of time before your repayment will begin. This "grace period" will be:
- nine months for a Federal Perkins Loan
- six months for most Brown University Loans
- six months for a Federal Direct Stafford Loan
*Note: Federal Direct Parent PLUS Loans begin repayment within 60 days after the loan is fully disbursed, with no grace period.
Postponing Repayment
Under certain circumstances, you may apply for periods of deferment or forbearance that allow you to postpone loan repayment.
Deferment
A deferment is a period of time during which no payments are required and interest does not accrue, unless you have an Unsubsidized Stafford Loan. In that case, you must pay the interest. To qualify for a deferment, you must meet specific eligibility requirements. For more information regarding types of deferment options and eligibility requirements, refer to the links above for specific loan programs.
Forbearance
If you are not eligible for a deferment, but are temporarily unable to meet your repayment schedule, you may be eligible for a forbearance. Forbearance occurs when your lender agrees to either temporarily reduce or postpone your student loan payments. Interest continues to accrue and you are responsible for paying it.
Exit Counseling
Prior to graduating or leaving the University, borrowers are required to complete exit counseling. Please contact the Loan Office if you have questions regarding this requirement.