Federal Perkins Loans
Federal Perkins Loan
This is a low-interest loan (5%) for both undergraduate and graduate students with exceptional need. Awards are made on a priority basis while funds are available. The University is your lender and you must repay this loan to the University--repayment begins nine months after you stop attending school at least half-time. You are required to sign a promissory note before receiving funds for this loan. If you do not sign the note, the loan offer will be withdrawn and the funds will be awarded to other students.
Applying for Perkins Loans
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As with other types of financial aid, a student
applies for a loan by filing a FAFSA. Because Perkins Loan funds
are limited, students are encouraged to file the FAFSA by April
1st to increase their chances of receiving a loan.
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When the Office of Student Financial Aid
receives the FAFSA results and any other supporting documents
requested, we send the student an award letter that includes
the amount the student can borrow under the Perkins Loan
Program.
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The student indicates on the award letter
how much he or she wants to borrow and returns it to Student
Financial Aid. (The student receives two copies of the letter,
and keeps one for personal records.)
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Student Financial Aid adjusts the amount
of the loan as requested by the student and continues to process
the loan. The loan is not processed until a signed award letter
accepting the loan is received.
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Prior to the start of classes (late July,
early August for the fall term), students
are notified to sign the Perkins Master Promissory Note and accept
the loan amounts at the University
Accounting Services website.
- Loan funds will not be credited to a student's university account until the student completes the promissory note process via the link above.