The Federal Perkins Loan provides assistance to full-time undergraduates. Interest does not accrue while the student is enrolled. Repayment begins nine months after departure from school, with interest accruing at a rate of 5 percent. Awards are made on the basis of financial need, with priority given to students demonstrating exceptional need. Application requires the submission of the FAFSA. Forms received by the federal processor by April 1 will receive priority consideration. Students who apply by April 1 must also submit follow-up documents promptly, as Perkins funds typically are depleted by mid-summer.

Students must sign a promissory note to receive Perkins funds. Instructions concerning the time and location for signing will be included in the advance billing instructions. Students must be enrolled full time and maintain satisfactory academic progress to receive loan assistance.

The recipient of a Federal Perkins Loan must repay the loan in accordance with the repayment schedule. If a situation arises that makes meeting this responsibility impossible, the borrower should contact the Office of Revenue and Receivables. Also, Federal Perkins Loan recipients must notify the Office of Revenue and Receivables of graduation, withdrawal from school, change of address, transfer to another school, etc. Borrowers should refer to their promissory notes for information regarding cancellation benefits for teachers, nurses, military personnel, law enforcement officers and other public service professionals.

How to Apply for a Perkins Loan

• Step 1: Complete and submit the FAFSA by the priority filing date of April 1, annually. Indicate in Question 27 that you are interested in student loans.
• Step 2: Promptly submit additional information requested (if any) as Perkins Loan funds are limited and are usually exhausted by mid-summer.