Defaults on federal Perkins loans reached almost $1 billion during the 2010-11 school year. Those are loans for the lowest-income college and grad students. Some colleges have turned to the courts to try to get that money back. Schools like Yale and the University of Pennsylvania have been in the news for suing their former students for unpaid Perkins loans. Unlike other federal loan programs, the college lends the money and is responsible for getting it back.