Graduate Fellowship Deferment Request Form Page 3
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4SECTION 6: DEFINITIONS
An authorized official who may complete Section 4 is
The Federal Perkins Loan (Perkins Loan) Program
an official of the Graduate Fellowship Program.
includes Federal Perkins Loans, National Direct Student
Loans (NDSL), and National Defense Student Loans (Defense
Capitalization is the addition of unpaid interest to the
Loans).
principal balance of your loan. Capitalization causes more
interest to accrue over the life of your loan and may cause
The holder of your Direct Loans is the Department. The
your monthly payment amount to increase. Interest never
holder of your FFEL Program loans may be a lender,
capitalizes on Perkins Loans. Table 1 (below) provides an
guaranty agency, secondary market, or the Department. The
example of the monthly payments and the total amount
holder of your Perkins Loans is an institution of higher
repaid for a $30,000 unsubsidized loan. The example loan
education or the Department. Your loan holder may use a
has a 6% interest rate and the example deferment or
servicer to handle billing and other communications related
forbearance lasts for 12 months and begins when the loan
to your loans. References to “your loan holder” on this form
entered repayment. The example compares the effects of
mean either your loan holder or your servicer.
paying the interest as it accrues or allowing it to capitalize.
A subsidized loan is a Direct Subsidized Loan, a Direct
A deferment is a period during which you are entitled
Subsidized Consolidation Loan, a Federal Subsidized
to postpone repayment of your loans. Interest is not
Stafford Loan, portions of some Federal Consolidation
generally charged to you during a deferment on your
Loans, Federal Perkins Loans, NDSL, and Defense Loans.
subsidized loans. Interest is always charged to you during a
An unsubsidized loan is a Direct Unsubsidized Loan, a
deferment on your unsubsidized loans. On loans made
Direct Unsubsidized Consolidation Loan, a Direct PLUS
under the Perkins Loan Program, all deferments are
Loan, a Federal Unsubsidized Stafford Loan, a Federal PLUS
followed by a post-deferment grace period of 6 months,
Loan, a Federal SLS, and portions of some Federal
during which time you are not required to make payments.
Consolidation Loans.
The Federal Family Education Loan (FFEL) Program
The William D. Ford Federal Direct Loan (Direct Loan)
includes Federal Stafford Loans, Federal PLUS Loans, Federal
Program includes Federal Direct Stafford/Ford (Direct
Consolidation Loans, and Federal Supplemental Loans for
Subsidized) Loans, Federal Direct Unsubsidized Stafford/
Students (SLS).
Ford (Direct Unsubsidized) Loans, Federal Direct PLUS
(Direct PLUS) Loans, and Federal Direct Consolidation
(Direct Consolidation) Loans.
Table 1. Capitalization Chart
Treatment of Interest with
Loan Amt.
Capitalized
Outstanding
Monthly
Number of
Total
Deferment/Forbearance
Interest
Principal
Payment
Payments
Repaid
Interest is paid
$30,000
$0
$30,000
$333
120
$41,767
Interest is capitalized at the
$30,000
$1,800
$31,800
$353
120
$42,365
end
Interest is capitalized
$30,000
$1,841
$31,841
$354
120
$42,420
quarterly and at the end
SECTION 7:WHERE TO SEND THE COMPLETED DEFERMENT REQUEST
Return the completed form and any documentation to:
If you need help completing this form, call:
(If no address is shown, return to your loan holder.)
(If no phone number is shown, call your loan holder.)
ACS Education Services
ACS Education Services
Campus Products and Services
800-826-4470
P.O. Box 7060
Utica, NY 13504-7060
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