Perkins Loan

The following is for the 2012-2013 academic year.

Eligibility

• U.S. Citizen or permanent resident
  
• Enrolled at least half-time
  
• Satisfactory Academic Progress
  
• Need-based

Annual Load Limits

• Up to $8,000
  

Features

• Repayment begins nine months after the borrower graduates, withdraws or drops below half-time.
  
• Interest is paid by the federal government while the borrower is in school.
  
• Borrowers have up to 10 years to repay.
  
• There are no fees.
  
• Interest rate fixed at 5%.

Perkins loans cannot exceed an aggregate loan amount of $40,000 (including any previous Perkins Loans).

Applying for Perkins Loans

Recipients of Perkins Loans are notified by the Financial Aid Office. Once notified that you are eligible to receive a Perkins Loan, several steps are required to apply for Federal Perkins Loans.

• All new borrowers must complete online Perkins Loan Entrance Counseling before any federal loan check can be applied to their student account or disbursed. The school will be notified electronically when you complete the counseling session.
  
• Complete and sign the Federal Perkins Loan Master Promissory Note and return it to the Financial Aid Office.