Federal Perkins Loan
The Federal Perkins Loan is a need-based loan made by the University. The Perkins Loan program requires that the student borrower repay with interest this source of financial assistance. Additional terms, subject to revision by federal law, include:
- Zero interest while the student is enrolled in school on at least a half-time basis and during the nine-month grace period following enrollment
- No origination fee or insurance fee
- 5% fixed interest rate during repayment
- Repayment of principal and interest begins nine months after the student ceases to be enrolled in school on at least a half-time basis, generally extending over a 10-year period
- $5,500 annual loan limit
- $27,500 maximum aggregate undergraduate borrowing limit
The Master Promissory Note (MPN) for your Federal Perkins Loan will be signed electronically at SignMyLoan.com. You will receive an email starting in the month of June, from SignMyLoan.com, providing you with directions to complete this process. In order to have your loan proceeds disburse to your student account this process must be completed.
Perkins Loan Repayment
Customer service regarding repayment of the Perkins Loan is provided by University Accounting Services (UAS). Borrowers may contact UAS to ask questions regarding their Perkins Loan account. Additionally, a Frequently Asked Questions page regarding many different aspects of repaying the Perkins Loan is available from UAS.
NOTE: Information about your loans will be reported to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools and loan servicers for specific purposes as authorized by the department.
Federal Exit Loan Counseling
Federal regulations require that all students who have borrowed from the federal loan programs receive exit loan counseling upon ceasing at least half-time enrollment. Exit loan counseling provides details regarding a borrower’s rights and responsibilities for student loan repayment, deferment options, and loan consolidation benefits.
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Federal Student Loan Consolidation
Federal Direct Consolidation Loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans, and Direct loans. Loan consolidation is not for everyone but many graduating student borrowers have effectively refinanced their loans through this federal program in recent years, simplifying loan repayment and lowering monthly payments.
Borrowers should first give thorough review to the conditions and terms being offered by their lender. Check the lender's website and make a careful decision.