Federal Loan Programs
FEDERAL PERKINS LOAN
The Federal Perkins Loan is a low interest loan (5%) awarded (by the college) to students who carry at least six credits and who demonstrate financial need. It can be used for tuition or other educationally related expenses. The amount actually received depends on financial need, amount of other aid, availability of funds at the school.
To be eligible for the Federal Perkins loan, a student must:
- Be a U.S. citizen, or permanent resident, or eligible non-citizen.
- Demonstrate satisfactory progress.
- Not be in default or owe overpayments on Title IV education loans and grants.
- Have a completed FAFSA on file for the academic year for which you are applying.
- Satisfy Selective Service requirement (for males only).
- Not be enrolled as a freshman in college.
- Be registered for at least six (6) credits per semester in order to apply.
- Maintain enrollment of at least six (6) credits at the time of disbursement.
How do I apply?
- Student must apply through the FAFSA application by providing the appropriate response to question 26 in order to be considered for this loan.
- The student must complete an online Entrance Interview upon receipt of notice from the Office of Financial Aid.
- The student must download "The Truth-in-Lending Commitment Information Form", complete it and return it to the Office of Financial Aid, NG-13.
The loan will be divided into two payments to cover the academic year. You will receive your loan payment through the school. The school will credit your tuition account and then, if funds are remaining, will either mail you a check or directly deposit the remaining funds to your bank account. Arrangements for direct deposit can be made at the Bursar’s Office, Room NG-06. Click here for the current check distribution calendar.
When do I start repayment of my loan?
You begin repayment nine (9) months after you graduate or if you fall below six (6) credits or stop attending. Students are required to complete an online Exit Interview. The interview is designed to provide the borrower with information regarding rights and responsibilities related to repayment of the loan.