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CPS DEFERMENTS
 

         


A note regarding STUDENT DEFERMENTS FOR PERKINS LOANS ONLY:

Some schools participate in a program with the National Student Loan Clearinghouse .

The schools that participate in this program automatically report each student's enrollment status to the Clearinghouse. The Clearinghouse then reports this information to all lenders and servicers.

If your school is a member, you DO NOT need to complete an In-School Deferment form, as we will be notified of your enrollment automatically.

Please be advised that it can take up to 60 days for us to update your account after the drop/add date. You may receive delinquent notices prior to us receiving this information. You can check the status of the update at anytime by logging in to view your Account Summary page. You will receive written confirmation in the mail after your account has been updated.

To determine if your school participates in the program click here.

If your school is not a member, you WILL need to return to this page to download an In School Deferment form and have your school certify it and return it to us.

If you have a non-Perkins loan, you will need to have you school certify a paper copy of the In-school Deferment Form and return it to us.


GENERAL DEFERMENT INFORMATION

A borrower is entitled to have the repayment of a loan deferred under certain circumstances. A deferment is a period of time during which the borrower is not required to repay the loan principal. Interest will not accrue during any type of deferment except a hardship deferment. For loans made on or after July 1, 1993, interest does not accrue during any type of deferment.

The Higher Education Amendments of 1988, signed into law on October 7, 1998, extend deferment benefits under the following conditions to borrowers whose NDSL/Perkins loan was issued prior to July 1, 1993. These deferments are in addition to the others listed in your promissory note but can only be granted for periods beginning October 7, 1998.

  • Fellowships
  • Rehabilitation Training
  • Unemployment/Underemployment
  • Economic Hardship
  • Cancellation Service

In order to qualify for a deferment, you must meet the specific eligibility requirements for that deferment type. To apply for a deferment, download and/or print the required form. Complete the form in detail and be sure to include any required authorization or documentation listed in the eligibility requirements section.

Send the form to ACS for processing (ACS' address is on the second page of each form). We will process your request promptly. You will receive notification explaining whether your deferment was applied, rejected, or returned to you for additional information.

All forms are in Adobe Acrobat PDF format. You may obtain the free Adobe Acrobat reader which will allow you to print or view the forms here .

The following deferments may be available to borrowers whose loans are serviced by ACS' CPS Division. Click on a specific deferment type to review the eligibility requirements.




FEDERAL PERKINS

Student

National Oceanic and Atmospheric Administration Corps

Fellowships

Peace Corps, VISTA, Action

Rehabilitations Training

Tax Exempt Volunteer

Unemployment/Underemployment

Temporary Totally Disabled

Economic Hardship

Internship

Cancellation Services

Hardship

Military

Parental Leave

Military Operations 2001

Working Mother

Public Health Service




NURSING

Peace Corps

Military Service

Collegiate School of Nursing (loans prior to 11/4/88)

Collegiate School of Nursing (loans on or after 11/4/88)




HEALTH PROFESSIONS

Military Service

Peace Corps

Advanced Professional Training

Full-time course of study




INSTITUTIONAL

Institutional




CLICK HERE TO OPEN A DEFERMENT FORM.



FEDERAL PERKINS LOAN PROGRAM DEFERMENT BENEFITS

STUDENT DEFERMENT

A borrower may be eligible for a deferment if they are enrolled at least half-time as a regular student at an eligible accredited institution in the United States, or at a comparable institution outside the United States. If you are attending a school which will only certify your student status for the current term, you are required to submit a form each term.

If your school participates in the National Student Loan Clearinghouse program, you may not need to submit a deferment form. Click here for more details.

Please note that in-school deferments are no longer granted when a borrower is serving in a medical internship or residency program, except for a program in dentistry.

Eligibility: All NDSL, Perkins and Federal Perkins Loans

Maximum Length: No limit

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FELLOWSHIPS

A borrower may be eligible for a deferment if they are pursuing a course of study in an approved graduate fellowship program or if they are engaged in graduate or postgraduate fellowship-supported study (such as Fulbright grant) outside the United States.

Eligibility: Federal Perkins Loans made on or after July 1, 1993

NDSL and Perkins Loans made prior to July 1, 1993 are now eligible for Fellowship deferment for periods commencing October 7, 1998.

Maximum Length: No limit

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REHABILITATION TRAINING

A borrower may be eligible for a deferment if they are enrolled in a course of study that is part of a Department of Education approved rehabilitation training program for disabled individuals

To qualify:

Your training program must:

  • Be licensed, approved, certified, or recognized as providing rehabilitation training to disabled individuals by the Veterans Administration or a state agency responsible for vocational rehabilitation, drug abuse treatment, mental health services, or alcohol abuse treatment programs.
  • Provide services under a written, individualized plan that specifies the date services are expected to end.
  • Be structured in a way that requires a substantial commitment by you to your rehabilitation. ("Substantial commitment" means a commitment of time and effort that would normally prevent a person from being employed 30 or more hours per week in a position expected to last at least three months.)

Eligibility: Federal Perkins Loans made on or after July 1, 1993

NDSL and Perkins Loans made prior to July 1, 1993 are now eligible for Rehabilitation Training deferment for periods commencing October 7, 1998.

Maximum Length: No limit

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UNEMPLOYMENT/UNDEREMPLOYMENT

A borrower may be eligible for a deferment if they are seeking and are unable to find full-time employment.

NDSL and Perkins Loans made prior to July 1, 1993 are now eligible for Unemployment/Underemployment deferment for periods commencing October 7, 1998.

Maximum Length: 36 months

Click here to download an Unemployment Deferment Form.

Attention: This Unemployment Form was created by ACS for the use of our customers (colleges and universities) and their borrowers. Please be advised that not all of our customers choose to use this form. Some schools prefer their own form and will not accept the ACS form. Please check with your school before submitting this form.

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ECONOMIC HARDSHIP DEFERMENT

A borrower may be eligible for a deferment if they are suffering an economic hardship and they meet one of the following conditions:

To qualify you must:

  • Meet one of the following qualifications:

    1. You have been granted an economic hardship deferment under either the Federal Direct Loan Program or the Federal Perkins Loan Program for the same time period for which you request this deferment. You must provide documentation of the deferment.
    2. You receive payment under a federal or state public assistance program, such as Aid to Families with Dependent Children, Supplemental Security Income, Food Stamps, or state general public assistance. You must provide documentation of these payments.
    3. You do not work full-time, and your monthly gross income does not exceed twice the larger amount listed in (4) below for your state, and after deducting your total monthly payments for federal education debt from your monthly gross income, the amount remaining does not exceed the larger of the amounts in (4) below for your state. You must provide documentation of income and education debt.
    4. You work full-time and your monthly gross income is no more than the larger of the amounts listed below for your state. You must provide documentation of this income.

      (a)

      Federal Minimum Wage Rate ($7.25 an hour)

      $972.50

      (b)

      Up to 150% of the Poverty Level for your family size:

      (Figures below are based on a family size of 2)

      Alaska

      $2,457.50 plus $635.00 per add'l family member

      Hawaii

      $2,261.25 plus $583.75 per add'l family member

      All Other States including Washington, D.C.

      $1,966.25 plus $507.50 per add'l family member



  • Complete an Economic Hardship Deferment Request Form.

Eligibility: Federal Perkins Loans made on or after July 1, 1993

NDSL and Perkins Loans made prior to July 1, 1993 are now eligible for Economic Hardship deferment for periods commencing October 7, 1998.

Maximum Length: 36 months. Borrowers must reapply every 12 months.

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CANCELLATION SERVICES

A borrower may be eligible for a deferment if they are engaged in certain types of service that qualify the borrower for cancellation of the loan.

Eligibility: Federal Perkins Loans made on or after July 1, 1993

NDSL and Perkins Loans made prior to July 1, 1993 are now eligible for Cancellation Service deferment for periods commencing October 7, 1998.

Maximum Length: No limit

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MILITARY

A borrower may be eligible for a deferment if they are a member of the U.S. Army, Navy, Air Force, Marines, Coast Guard or a member of the National Guard or the Reserves serving a period of full-time active duty in the armed forces.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

Maximum Length: 36 months

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MILITARY OPERATIONS 2001

Click here to download the Military Deferment Request Form

You must serve on active duty in the Armed Forces (Army, Navy, Air Force, Marines, or Coast Guard) or the Reserves, or perform qualifying National Guard duty, in connection with a war or other military operation or national emergency. "Military Operation" means a contingency operation, which is defined as follows: a military operation that -- (A) is designated by the Secretary of Defense as an operation in which members of the armed forces are or may become involved in military actions, operations, or hostilities against an enemy of the United States or against an opposing military force; or (B) results in the call or order to, or retention on, active duty of members of the uniformed services under section 688, 12301(a), 12302, 12304, 12305, or 12406 of this title, chapter 15 of this title, or any other provision of law during a war or during a national emergency declared by the President or Congress [Title 10, Section 101(a)(13)]. You may also receive a 180 day deferment for the period following your demobilization after October 1,2007.

For a Reserve member of the Armed Forces called to active duty, the active duty service may be at any location as long as it is in connection with a war, military operation, or national emergency. For a regular member of the Armed Forces, the member of the Armed Forces must be assigned to a duty station at a location other than the duty station at which the member is normally assigned, in connection with a war, military operation, or national emergency.

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PUBLIC HEALTH SERVICE

A borrower may be eligible for a deferment if they are a an officer in the Commissioned Corps of the U.S. Public Health Service.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

Maximum Length: 36 months

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NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION CORPS

A borrower may be eligible for a deferment if they are on full-time active duty as a member of the National Oceanic and Atmospheric Administration Corps.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

Maximum Length: 36 months

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PEACE CORPS, VISTA OR ACTION

A borrower may be eligible for a deferment if they are a Peace Corps, Vista or Action volunteer.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

Maximum Length: 36 months

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TAX EXEMPT VOLUNTEER

A borrower may be eligible for a deferment if they are a volunteer in service for a tax-exempt organization that the Department of Education has determined is comparable to Peace Corps or ACTION. You must meet all of the following criteria:

  • The organization is exempt from taxation under the provisions of Section 501(c)(3) of the Internal Revenue Code of 1954.
  • The service is provided to low-income persons and their communities to assist them in eliminating poverty and poverty-related human, social, and environmental conditions.
  • The borrower does not receive compensation exceeding the rate prescribed under Section 6 of the Fair labor Standards Act of 1938 (the federal minimum wage), except that the tax-exempt organization may provide the volunteer with health, retirement, and other fringe benefits that are substantially equivalent to the benefits offered to other employees of the organization.
  • The borrower, as part of his or her duties, does not give religious instruction, conduct worship service, engage in religious proselytizing, or engage in fund raising to support religious activities.
  • The borrower has agreed to serve on a full-time basis for a term of at least one year.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

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TEMPORARILY TOTALLY DISABLED

A borrower may be eligible for a deferment if they are temporarily totally disabled or are unable to work because he or she is caring for a spouse or other dependent who is so disabled.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

Maximum Length: 36 months

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INTERNSHIP

A borrower may be eligible for a deferment if they are serving in an internship which is required by the state licensing agency in order to be certified for professional practice or service. A bachelor's degree is required before beginning the internship.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

Maximum Length: 24 months

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HARDSHIP

A borrower may be eligible for a deferment if they have a prolonged illness or are unemployed. Interest will continue to accrue during this deferred period.

Eligibility: NDSL and Perkins Loans made before July 1, 1993

Maximum Length: No limit

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PARENTAL LEAVE

A borrower may be eligible for a deferment for a period up to six months if the borrower is pregnant, or if he or she is taking care of a newborn or newly adopted child. To qualify, the borrower must be unemployed, not attending school and must apply for the deferment within six months of leaving school or dropping below half-time status.

Eligibility: Perkins Loans made between July 1, 1987 and June 30, 1993

Maximum Length: Six months

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WORKING MOTHER

A borrower may be eligible for a deferment if she is a mother with preschool-age children and she is entering the workforce and is compensated at the rate of no more than one dollar above the minimum wage.

Eligibility: Perkins Loans made between July 1, 1987 and June 30, 1993

Maximum Length: 12 months

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NURSING STUDENT LOAN (NSL) DEFERMENT BENEFITS

PEACE CORPS:

As a volunteer under the Peace Corp Act.

Eligibility: Loans made prior to November 4, 1988

Maximum Length: Three Years

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COLLEGIATE SCHOOL OF NURSING:

  1. Pursuing a full-time course of study at a collegiate school of nursing leading to a baccalaureate degree in nursing or an equivalent degree, or to a graduate degree in nursing.
  2. Pursuing advanced professional training in nursing.
  3. Training to be a nurse anesthetist.

Maximum Length: Five Years

Eligibility: Loans made prior to November 4, 1988

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COLLEGIATE SCHOOL OF NURSING:

  1. Pursuing at least a half-time course of study at a collegiate school of nursing leading to a baccalaureate degree in nursing.
  2. Pursuing advanced professional training in nursing.
  3. Training to be a nurse anesthetist.

Eligibility: Loans made on or after November 4, 1988

Maximum Length: Ten Years

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MILITARY SERVICE:

Full-time active duty in the Army, Navy, Air Force, Marine Corps, Coast Guard, National Oceanic and Atmospheric Administration Corps, or the U.S. Public Health Service.

Eligibility: Loans made prior to November 4, 1988

Maximum Length: Three Years

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HEALTH PROFESSIONS STUDENT LOAN (HPSL, LDS, PCL) DEFERMENT BENEFITS

MILITARY SERVICE:

Full-time active duty in the Army, Navy, Air Force, Marine Corps, Coast Guard, National Oceanic and Atmospheric Administration Corp, or in the U.S. Public Health Service.

Eligibility: All Loans

Maximum Length: Three Years

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ADVANCED PROFESSIONAL TRAINING:

  1. Internship or Residency
  2. Full-time training of at least one academic year beyond the first professional degree which is provided by an accredited institution or affiliate which will advance the borrower's knowledge of and strengthen his/her skills in the health profession in which he/she received the loan.

Eligibility: All Loans

Maximum Length:

  • Loans made prior to October 22, 1985 - Five Years
  • Loans made after October 22, 1985 - Unlimited

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INTERRUPTION OF STUDIES:

The borrower leaves school with the intent to return to school full-time to engage in a full-time educational activity which is directly related to the health profession for which the borrower is preparing.

Eligibility: Loans Made After October 22, 1985

Maximum Length: Two Years

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PEACE CORPS:

A volunteer under the Peace Corps Act.

Eligibility: All Loans

Maximum Length: Three Years

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FULL-TIME COURSE OF STUDY:

A deferment may be granted to borrowers pursuing a full-time course of study at an eligible health professions school.

Eligibility: Loans Made After November 4, 1988

Maximum Length: Unlimited

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FELLOWSHIP:

  1. A training program which is directly related to the health profession for which the borrower is preparing.
  2. Fellowship must begin no later than 12 months after the completion of the borrower's internship or residency training.

Eligibility: Loans Made After October 22, 1985

Maximum Length: Two Years

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INSTITUTIONAL

ACS services many institutional loan programs for our clients. As terms and benefits vary, you must consult your promissory note for deferment eligibility.

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