Perkins Loan Borrowers

The Perkins Loan is a serious legal obligation. Therefore it is extremely important that you understand your rights and responsibilities.

Borrowers’ Rights

  1. I have a right to a nine month “grace period” before repayment begins.
  2. I have a right to deferment of principal and interest repayments if certain conditions exist. Under deferment, I am not required to make payments on the loan principal or interest for a period of time. The conditions that qualify me for a deferment are listed under deferment on the promissory note.
  3. I have a right that the lender will provide me with a repayment schedule before the repayment period begins.
  4. I have a right that my obligation will be canceled in the event of my death or permanent and total disability in accordance with applicable Federal regulations.
  5. I have a right that my obligation will be canceled based on the conditions that are listed under CANCELLATIONS on the promissory note

Borrowers’ Responsibilities

  1. I understand that the annual percentage rate of 5% will be the finance charge based on the unpaid balance and it will begin to accrue at the termination of the grace or other deferment period.
  2. I fail to repay any loan as agreed, the total loan may become due and payable immediately and legal action could be taken against me.
  3. I understand that I will promptly answer any communication fromWesternU regarding the loan.
  4. I understand I may repay at any time. I further understand that making such payments will reduce future interest.
  5. I understand that if I cannot make payments on time, I must contact WesternU to make arrangements.
  6. I authorizeWesternU to contact any school, which I may attend, to obtain information concerning my student status, my year of study, my dates of attendance, graduation, or withdrawal, my transfer to another school, or my current address.
  7. I understand that should my loan repayments become delinquent, or if I have any other outstanding balance owed the University, the University will withhold transcripts, Board Scores and letters of recommendation until the loans or other debts are again current.
  8. I understand that I must, without exception, report any of the following changes to the Western University of Health Sciences (WesternU), University Financial Services & Treasury, College Plaza, Pomona, CA 91766, and (909) 469-5403.
  • If I withdraw from school.
  • If I transfer to another school
  • If I drop below half-time status.
  • If my name should change (for example, because of marriage).
  • If my address changes.
  • If I join the military service, Public Health Service, or Peace Corps.


Truth in Lending Statement


In compliance with Federal Reserve Regulation Z, Consumer Credit Cost Disclosure, we wish to advise you of the following information


The Perkins Loan(s) that you have received, together with an annual percentage rate of 5% on the unpaid balance, is repayable in accordance with a repayment schedule approved by the school and the Secretary of Health and Human Services, and agreed by you, the maker, at the time you cease to pursue an eligible course of study at the school. The finance charge begins to accrue at the termination of the deferment period.

The amount financed (or the total of all loans due) is repayable in accordance with the provisions of the promissory note and the repayment schedule to be attached thereto, and is subject to provisions relating to delinquency and default charges specified in the promissory note.

The maker may, at his/her option, and without penalty, prepay all or any part of the principal plus the accrued interest at any time.

Repayment Schedule (5% Interest)


Loan Amount Payment Total Interest Paid Total Payment
  Per Month Months Years    
$2,000 $40.00* 57 5 $259.29 $2,259.29
$3,000 $59.65 57 5 $389.03 $3,389.03
$4,000 $42.46 120 10 $1,107.60 $5,107.30
$5,000 $53.20 120 10 $1,384.40 $6,384.40
$6,000 $63.84 120 10 $1,661.20 $7,661.20
$7,000 $74.48 120 10 $1,938.00 $8,938.00
$8,000 $85.12 120 10 $2,214.80 $10,214.80
$9,000 $95.76 120 10 $2,491.60 $11,491.60
$10,000 $106.40 120 10 $2,768.40 $12,768.40
* Minimum repayment $40.00 per month – this represents an estimated repayment schedule.



Billing Servicer

 Western University of Health Sciences

Attn. Bursars Office

309 East Second Street

Pomona, CA 91766

(909) 469-5403







181 Montour Run Road

Coraopolis, PA 15108

(888) 549-3274