Repayment is the paying off the loan amount borrowed plus interest. There are five repayment options for Direct Loans. Visit Federal Student Aid website for more information.
Repayment of Direct Loans typically commences after a grace period. A grace period is the interval between graduation or termination of at least half-time studies at Union and the commencement of repayment. During this period, repayment need not be made. However, interest will accrue on certain Direct Loans. Different federal loans have different grace periods before repayment must begin.
Repayment of Perkins loans commences after a 9 month grace period. However, unlike with Direct Loans, borrowers will negotiate a repayment schedule with the Office of Financial Aid prior to leaving the Seminary. Borrowers must also immediately report address and name changes both to the Office of Financial Aid and to:
Xerox Education Services, Inc.
5 Boulder Ridge
New Gloucester, ME 04260