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Home > Degree Programs > Student Financial Services > Student Loans > Perkins Loans
Perkins Loans
Eligibility
Recipients are chosen by the Student Financial Services Office based upon demonstrated financial need and total outstanding educational loan debt. Only US Citizens and permanent residents who demonstrate financial need are eligible for consideration. The maximum amount a student can receive per academic year is $6,000.
Interest Rate
The Perkins Loan has a fixed rate of 5.0% and has no fees associated with it. During at least half-time enrollment and during the 9-month grace after graduation before a borrower needs to begin repaying their loan, no interest accrues. Therefore, the amount that you borrow is the amount that you will owe upon entering repayment.
Repayment Term
The Perkins Loan enters into repayment after the end of a 9-month grace period and extends over 10 years. There is no penalty for early repayment, so financing charges can be saved by electing to repay the loan more quickly. Individuals receiving a total of $12,000 over the course of two years can expect monthly repayment amounts of $127/month.
Completing Promissory Notes
Instructions on completing promissory notes will be provided during the mandatory Student Loan Entrance Counseling session held during orientation. Second year students who were not recipients in their first year will be sent an email explaining how to complete promissory notes for the second year of borrowing.
Disbursement
Perkins Loans are disbursed equally between the fall and spring semesters and are applied directly against the e-bill. While the Perkins Loan will be reflected as anticipated aid as early as the summer, loans cannot actually disburse until the student has completed the promissory notes and submitted all outstanding financial aid documents. These documents may include completing a verification worksheet if selected by the federal government. Refunds cannot be processed based on a credit that is in part due to a Perkins Loan until all requirements have been met.
Perkins Loan Exit Counseling
Students are required by federal regulations to complete a Loan Exit Counseling session prior to graduation. More information will be provided in the April prior to graduation.
Repayment Contacts
For more information on repayment, please see Student Loan Office.
Contact
If you have additional questions, you are encouraged to contact your financial aid counselor:
Student Financial Services Office: US Citizens not enrolled in the MPA/ID program
Student Financial Services Office: US Citizens enrolled in the MPA/ID program
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