WHAT IS REPAYMENT?

Once you have graduated or dropped below half-time status, Seattle Pacific University notifies Campus Partners, the servicing company for these loans, to begin the billing process for Perkins, SPU Institutional and Nursing Loans. Click here for exit counseling information. Campus Parnters will mail you monthly statements once your Perkins, Nursing or SPU Institutional Loan enters repayment.

OTHER RESPONSIBILITIES

All correspondence regarding your Perkins, Institutional, or Nursing loan should be addressed to Campus Partners.

You have the right to request deferments, postponements, and cancellations. These requests must be submitted to Campus Partners prior to your payment due date. Remember to continue making your payments until notified of approval or denial of your request.

Seattle Pacific University has the right to accelerate, or request payment in full on any delinquent loan. In addition, we also reserve the right to withhold official academic transcripts if your loan is past due.

It is your obligation to notify SPU of any changes in your name, address, and telephone number. If you fail to contact SPU regarding these changes, you will not receive statements. However, you will be held responsible for making your scheduled payments. Not receiving a statement does not mean you can cease making payments.

You are responsible for contacting SPU prior to your due date if you cannot make a payment or if you believe a payment will be delayed.

GRACE PERIODS

Initial Grace Period
Following your last day of full-time attendance, or if you drop to less than half time at SPU, you will enter the initial grace period. This period is generally nine months for the Perkins and Nursing loan programs and six months for the Institutional and Stafford loans.

Post-deferment Grace Period
A grace period of six months will follow an in-school, economic hardship, or any other type of deferment. This does not apply to forbearance.

PREPAYMENT

Borrowers may prepay all or any part of the unpaid loan balance, including accrued interest, at any time without penalty. Payments made during enrollment* or the initial grace period will be applied to the principal amount borrowed. While in repayment, any additional amount above the minimum amount due will repay principal unless the borrower designates it as an advance payment toward the next regular installment.
*Payments made during the year the loan was awarded reduce the principal by revision of the award; the payment is applied to the student account.

MINIMUM MONTHLY PAYMENTS

Please refer to your promissory note for the required minimum monthly payment amount. Your monthly payments may be larger than the minimum depending on the amount of your loan.

AUTOMATIC DEBIT DRAFT FROM YOUR BANK ACCOUNT
You may choose to have payments debited from your checking or savings account. If you choose this option, payments will be deducted from your account one day prior to your due date. To apply for this easy-pay benefit, download the application (pdf).

FORBEARANCE

If you are ineligible for deferment of your payments, forbearance may be granted by Seattle Pacific University. Eligibility for forbearance is done on a case-by-case basis and is not an automatic benefit. Please contact the Loan Repayment Office at SPU to discuss options for forbearance or repayment.

Forbearance is renewable, upon acceptance of SPU, at intervals up to 12 months for periods that collectively do not exceed three years. Interest accrues during any period of forbearance and can be paid as it accrues or as a lump sum following the forbearance period. A grace period does not follow forbearance.

PERKINS LOAN DEFERMENT AND CANCELLATION BENEFITS

To receive a deferment, the borrower must submit a written request to Campus Partners or SPU, which requires documentation of the borrowers eligibility for the benefit. The borrower is responsible for submitting the appropriate requests on time. If not filed on time, the benefits may be lost and late fees may be assessed.

You may download the forms to apply for Perkins loan deferment and cancellation by clicking on one of the links below:

Perkins Hardship or Unemployment Deferment
Perkins In-school Deferment

Perkins Loan Cancellation Forms:
Perkins Cancellation Form Instructions
Perkins Cancellation and Deferment in Anticipation of Cancellation Form
Perkins Official Letter for Cancellation Benefits (used for certain cancellation provisions)

Additional information and forms for Perkins, Institutional and Nursing loans is available at www.mycampusloan.com.