Federal Loan Programs

Perkins₁

Stafford₂

LDS Loans

Repayment Limit

10 Years

10 Years

10 Years

Repayment usually begins

9 months after leaving school

6 months after leaving school

12 months after leaving school

Grace period

9 months

6 months

12 months

Payment of loan principal (and sometimes interest) may be deferred while the borrower is:

Serving an internship required to receive professional recognition and begin professional practice.

No

No

Yes

Participating in advanced health professional training.

No

No

Yes

Attending approved educational institution full time.

Yes

Yes

Yes

Attending approved institution at least half time.

Yes

No

No

Serving in the Armed Forces, Public Health Service, Peace Corps, or VISTA.

Up to three years (only NDSL loans mad after 9/30/80 are eligible for Public Health Service deferment.

Up to three years. N/A if first loan received after 7/1/93.

Up to three years. Serving in ViSTA not eligible for deferment.

On active duty in National Oceanic and Atmospheric Administration Corps.

Up to three years - available only to new borrowers.

Limited eligibility terms.

Yes

Temporarily totally disabled or unable to work while caring for a disabled person.

Up to three years for NDSL loans made after 9/30/80.

Up to three years.N/A if first loan received after 7/1/93.

Yes - employment/ disability periods are treated as forbearance; interest may accrue and be payable by borrower.

Unable to work while caring for a temporarily totally disabled dependent.

Up to three years.

Up to three years. N/A if first loan received after 7/1/93.

Yes - employment/ disability periods are treated as forbearance; interest may accrue and be payable by borrower.

Economic Hardship

Up to three years residency deferment for "old" Perkins must be exhausted first.

Up to three years. Available for loans taken out after 7/1/93.

No

Unable to obtain employment in the U.S.

Yes, interest will continue to accrue and be payable by borrower.

Up to two years. N/A if first loan received after 7/1/93.

Yes - employment/ disability periods are treated as forbearance; interest may accrue and be payable by borrower.

Full-time volunteer for a tax-exempt organization.

Up to three years for NDSL loans made after 9/30/80.

Up to three years. N/A if first loan received after 7/1/93.

No

Studying in a rehabilitation program for the disabled approved by the Secretary of Education.

No

Yes

No

Studying in a graduate fellowship program approved by the Secretary of Education.

No

Yes

No

Participating in a fellowship training program or full-time educational activity related to the health profession for which borrower is preparing.

No

No

Up to two years if prior to or within 12 months after completion of advanced professional training deferment.

Parental leave while borrower is pregnant or caring for own newborn/adopted child.

Up to six months -not working/ attending school; enrolled at least half time as some time during the six months preceding the leave.

Up to six months - Not working or enrolled - or - Enrolled at least half time some time during the six months preceding leave.N/A if first loan received after 7/1/93.

No

Mother of preschool children entering or reentering work force at no more than $1.00 over minimum wage.

Up to one year - available only to "new" borrowers.

Up to one year - available only to "new" borrowers. N/A if first loan received after 7/1/93.

No

Teaching full time in a public or non-profit private elementary/secondary school in teacher shortage area.

No

Up to three years - available only to "new" borrowers. N/A if first loan received after 7/1/93.

No