Perkins Loan Basics
Students who demonstrate significant financial need as a result of filing a FAFSA are automatically considered for a Perkins loan. The interest rate is 5%, with interest and principal repayments deferred until 9 months after the student graduates or ceases at least half-time enrollment. Because of very limited funds, annual award amounts generally do not exceed $1,500 per student, and priority is given to undergraduates.
Steps to receive a Perkins loan:
- Students who are offered a Perkins loan will be mailed a paper copy of the Master Promissory Note with the award letter.
- Complete Section A of the Master Promissory Note (MPN) . Submit the white copy to the Office of Scholarships and Financial Aid, and keep the green copy for your records.
- Complete Perkins Entrance Loan Counseling online. Read all of the information and instructions carefully.
- Receive your Perkins loan. Funds will disburse on the first day of class, or within 48 hours of receiving your completed MPN and entrance loan counseling. Your loan funds will first offset any outstanding charges you owe the university for the semester, and after your charges are paid in full, a refund of any excess loan proceeds will be disbursed to you either by check or by direct deposit.