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).
  • Federal regulations require all first-time Federal Perkins Loan borrowers to complete Loan Entrance counseling before receiving your initial disbursement of your loan proceeds. This process is designed to provide the borrower with important information about the Federal Perkins Loan program, including your rights and responsibilities.
  • Once you are awarded a Federal Perkins Loan , you will receive an email at your Marauder email account stating when you may electronically sign your Master Promissory Note. You will sign your Master Promissory Note and complete your required Loan Interview and Entrance Counseling ONLINE (this is an external website through Campus Partners called iPromise). 
  • It is important that you complete the requested information as soon as possible. You may not use your loan as a credit against your bill until these requirements are satisfied. Disbursement of your loan funds will not occur before you complete your paperwork.
  • BEFORE YOU START, you will need the following information to complete your forms online.
    • Your Social Security number
    • Your driver's license number
    • The complete name, address, and phone number of you next of kin.
    • The complete names, addresses, and phone numbers of two other references. 
  • If you have any questions regarding your Perkins Loan, please contact the Perkins Office at 717-872-3025.