Federal Perkins Loans

Federal Perkins Loans are for students who are in need of a loan to meet their educational expenses. This program will be discontinued after September 30, 2017. At this current time, only students who have received a prior disbursement in a prior year are eligible for Perkins Loans. Recipients must meet University graduation requirements to be eligible. This is a loan and it must be repaid. One may borrow up to $4,000 per year as an undergraduate student and a total of $15,000 for undergraduate study. The amount of the loan is determined by the Office of Student Financial Aid. Repayment begins nine months after graduation, upon departure from school, or when enrollment is less than half time. Students may be allowed up to ten years to repay the loan.

During the repayment period, students are charged five percent interest on the unpaid balance of the loan principal. No payments are required for up to three years while the student serves in the Armed Forces, the Peace Corps, or VISTA, or while the student is enrolled at least half time in an approved educational institution. There are cancellation procedures for borrowers who enter certain fields of work.