Federal Perkins Loans/University Loans
Federal Perkins Loans and University Loans are low-interest loans generally awarded to freshman and sophomore students with financial need. The interest rate is fixed at 5 percent. Loan funds will be credited to the student account. To be eligible for the loan you must be enrolled full-time (at least 12 credit hours).
These loans must be repaid to the University. Repayment and interest charges are deferred for six months (nine months for the Federal Perkins Loans) after the student graduates or drops below half-time enrollment.
Accept/Reduce/Decline a Perkins Loan or University Loan
You can accept or decline a Federal Perkins Loan or University Loan on your electronic Award Letter by selecting “Accept” or “Decline” in the dropdown box on the Award Letter Accept/Decline Awards page. You can reduce your loan by selecting “Accept” in the dropdown box and entering a lower award amount in the “Partial Accept” field. If you wish to request loan changes, you should use the “Request Changes” on the Award Letter Information Request page of your electronic Award Letter. You are also required to complete an online Entrance Interview and an electronic Promissory Note before the funds will be disbursed to you.
