Loan Repayment Terms
- Repayment of the Perkins loan begins when the grace period ends.
- Loan payments are due on the first day of each month.
- Monthly payment amount depends on the amount borrowed.
- The repayment period may not exceed 10 years.
- The University of Texas at Austin sends monthly statements to loan borrowers. Non-receipt of statements is not a valid defense for nonpayment. It is the responsibility of the borrower to pay the bill.
- The monthly statement will have a coupon to return with your payment and an envelope for mailing your payment.
There are many payment options available:
- free Electronic Funds Transfer (EFT) service.
- never missing a payment.
- no more check writing.
- payments withdrawn from your bank account at the same time each month.
- payments posted to your loan immediately.
Note: If you have AutoPay set up on your loan and your loan goes into a deferment or forbearance, you will need to deactivate your AutoPay. The deactivation is NOT automatic if your loan status is updated. If you forget to deactivate your AutoPay, we cannot refund any funds transferred in error.
A high assurance UT EID and password are required to access your EFT information online. You may set up your own automatic monthly payment using this link: https://utdirect.utexas.edu/acct/rec/autopay/. If your current UT EID does not allow you to see your EFT information, you will need to upgrade it to a "high assurance" level.
You may also contact us for information on starting this new service. Download the form, complete it, and return it to us by mail or fax.
Allow 10 days to receive the forms for processing. An acknowledgment will be sent to you by email to let you know that the EFT service has been set up for you.
Cash, Checks, or Money Orders
- Pay by cash at the Cashier windows on campus in Room 8, UT Tower
- Pay by check and money order via mail or at the Cashier windows.
- Make checks and money orders payable to the University of Texas at Austin.
- Write the name of the borrower on the check as it is on university records.
- If you know your UT EID, write that on your check as well.
If your personal check is returned for insufficient funds (NSF), you will not be able to make your payments with a personal check for 12 months.
- American Express, Discover, MasterCard, and Visa
- Made online via the What I Owe page
- A UT EID and password are required
- Mail in your loan coupon for the exact amount of the payment and include your credit card information