Federal Perkins Loans
Federal Perkins Loans are federal need-based loan funds reserved for the "neediest" students. Loans are awarded on the basis of financial need as determined by the student’s Free Application for Federal Student Aid (FASFA) analysis. Additional paperwork is necessary to secure these funds. Students who fail to complete loan paperwork early in the semester risk cancelation of the award.
Repayment begins nine (9) months after the student drops to less than half-time or leaves school. The interest rate then becomes 5% per year and, depending upon the loan amount outstanding, the borrower has up to ten (10) years to repay the loan.
Certain cancelation and postponement provisions are provided, and are detailed on the Federal Perkins Loan Promissory Note. For specific questions, please contact the Student Financial Services Office.