Holy Cross recognizes that, after graduation, your life may take an unexpected turn that temporarily makes it necessary to put your loan repayments on hold. So in certain circumstances, the College may grant you a deferment or forbearance on your Perkins Loan.
Deferments
What it is: An approval to temporarily postpone payments during which time interest ceases to accrue.
When to apply: If attending graduate school, joining the Peace Corps or during a temporary period of unemployment.
How to apply: Deferment request form
Other notes: Deferments vary depending on when your loan was disbursed. If your loan was disbursed before July 1, 1993, check your promissory note for the deferments that apply to that loan. Otherwise, contact the Assistant Bursar. To avoid late charges, continue making scheduled payments until you are notified that a deferment has been granted.
Forbearance
What it is: Loan payments are postponed or reduced for a limited and specific period; interest continues to accrue. May be granted in 12-month or shorter intervals for up to three years.
When to apply: If you were temporarily unable to meet your repayment schedule, but not eligible for a deferment.
How to apply: Forbearance Request Form - Be prepared to provide documentation to support your request.
Other notes: To avoid late charges, continue making scheduled payments until you are notified that the forbearance has been granted.