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Nursing and Perkins Loans

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The Perkins and Nursing Loan programs are some of the federally funded sources of educational assistance available to Gwynedd Mercy University students. This information is being provided to the borrower to better manage their loan. A loan is a serious responsibility and obligation. If you have any questions please contact the Bursar’s office at 215-646-7300 ext. 593

Your Rights

As a Perkins or Nursing Loan borrower, you have the right to the following information. Gwynedd Mercy University and University Accounting Services (UAS) will provide this information when you graduate or discontinue your education at Gwynedd Mercy University.

The amount of your total debt (principal and estimated interest), your interest rate and the total interest charges on your loan. The name of the agency that holds your loan, where to send your payments and where to write or call if you have any questions.

The address and telephone number of your loan-servicing center. At this time it is University Accounting Services, Attn: UAS Accounting, PO Box 932, Brookfield, WI 53008-0932. The phone number is 1-800-999-6227.

About Debt Management

Notification that you must provide: your expected permanent address, the name and address of your expected employer, the address of your next-of-kin, social security number, references, and driver’s license number.

You will have a right to a grace period before your repayment period begins. Your grace period begins when you graduate, leave GMC, or drop to less than half-time status.

Your Responsibilities

Contact UAS with any change in your name, address, and/or telephone number.

Repay your loan according to the terms of the original promissory note. You have signed a legal document. You must repay your loan even if you didn’t complete your education, aren’t able to get a job after your graduation or program.

Make payments on time even if you fail to receive a billing statement. Failure to do so may put your account in default status.

Submit properly and fully completed any forms requesting deferment or cancellation. Forms must be filled out as soon as you become eligible for a benefit. Most forms require completion annually.

Deferments, Forbearance & Cancellations

GMC understands that circumstances happen that make difficult for you to make payments on your Nursing or Perkins Loans. GMC/UAS may grant you a deferment or forbearance on your loan during this time.

Deferments

What it is: An approval to temporarily postpone payments during which time principal and interest cease to accrue.

When to apply: If you are enrolled (half-time or more) in a higher educational program, are unemployed, experiencing economic hardship, or if have become totally and permanently disabled.

How to apply: Access form below and return to UAS.

Forbearance

What it is: Loan payments are posted or reduced for a limited and specific period although interest will still accrue. Forbearance may be granted in 12 month or shorter intervals for up to three years.

When to apply: If you were temporarily unable to meet your repayment schedule, but are not eligible for a deferment.

How to apply: Access form below and return to UAS.

Cancellations (Perkins Loans only)

What is it: The Perkins loan program provides you with an opportunity to cancel all or part of your loan for certain types of employment or service. Contact UAS to see if you are eligible for any cancellation.

When to apply: If you expect to be eligible for any cancellation, you should apply for deferment of your account during your year of qualifying service or employment. This process delays billing until the end of the year, when your payments will be cancelled. Depending upon the type of cancellation it may take up to five years to complete.

How to apply: Access form below and return to UAS.

Forms

Please return forms to:

  • University Accounting Services
    Attn: UAS Accounting
    PO Box 932
    Brookfield, WI 53008-0932
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