Federal Perkins Loan

Federal Perkins Loan

  • A student will be awarded the Federal Perkins Loan if s/he is eligible for it.
  • Eligibility is determined from the FAFSA, so the FAFSA must be completed by our recommended deadline of March 15.
  • This is a federal loan with a fixed interest rate of 5%
  • The interest does not accrue nor does the student make any payments on this loan until 9 months after s/he drops below part-time status (6 credits of enrollment – whether the student withdraws, takes a leave of absence, or graduates).
  • In order to accept the Federal Perkins Loan, the student must complete the following:
    • Master Promissory Note
      • The Bursar’s Office will mail you a paper Federal Perkins Loan Master Promissory Note (please note: this is a different MPN than the Federal Stafford Loan MPN).
      • Complete the Federal Perkins Loan MPN and mail back to the Bursar’s Office
    • Federal Perkins Loan Entrance Counseling
      • Complete the Federal Perkins Loan Entrance Counseling online – you must go to the Bursar’s Office webpage (see Quick Links to the left) and complete the Federal Perkins Loan Entrance Counseling from their webpage. Do NOT use the Entrance Counseling Quick Link from the left – that is only for the Federal Stafford Loan.