Perkins Loan Program

The Federal Perkins Loan is a low-interest, long-term loan to help pay for your educational expenses. These loans are made to undergraduate students through the Financial Aid Office and are awarded based upon financial need. You must be enrolled full-time to retain full eligibility for this award.

Funding is limited and reserved for Campus students.

 

Borrowing Limits and Caps

You may borrow a total of $500 per year as an undergraduate student. The maximum amount a student is eligible for is $2,000. Because of limited funding, Perkins Loans are not available to Distant or Graduate students.

Receiving Perkins Loan Funds

Once you accept this award on your financial aid letter, your loan proceeds are applied directly to your student account. Any overage (funds exceeding the cost of attendance) will be refunded to you.

Repayment

If you have an outstanding principal or interest owing on any direct loan (Perkins/NDSL) prior to July 1, 1987, you begin paying six months after you graduate, leave school, or drop below half-time status. If you are a new borrower who has no previous outstanding principal or interest owing on any loan as of July 1, 1987, you begin repayment nine months after you graduate, leave school or drop below half time status. You may be allowed up to 10 years to repay your loan. The amount of your payment depends on the size of your debt, but usually you must pay at least $30 per month.

Defaulting on a Loan

If you default on a Federal Perkins Loan and the school is unable to collect, it will negatively impact your credit rating and the federal government may take action to recover the loan. You cannot receive further financial aid if you are in default status.

Deferring Payments

Certain conditions may make you eligible to apply for a deferment of your Federal Perkins Loan. Please contact the Office of Financial Aid for more information.

Repayment Cancellation

Certain conditions may make you eligible for having your Perkins loan debt cancelled. Perkins Loans will be cancelled upon death or permanent disability of the student. Please contact the Office of Financial Aid for more information.