Federal Perkins Loans and University Loans are low-interest loans generally awarded to freshman and sophomore students with financial need. Students must be enrolled full-time (at least 12 credit hours).
Federal Perkins Loan Program Extended
The Federal Perkins Loan Program Extension Act of 2015 was enacted on December 18, 2015 and extends the Perkins loan program through September 30, 2017.
Borrowing & Interest Rates
The interest rate for this loan is fixed at 5 percent. Loan funds will be credited to your student account. Truth In Lending Act (TILA) regulations include additional disclosures and require a 3-day waiting period after the disclosures have been completed before a University Loan can be disbursed. These regulations don’t apply to Federal Perkins Loans.
These loans must be repaid to the university. Repayment and interest charges are deferred for 6 months for University Loans and 9 months for Federal Perkins Loans after you graduate or drop below half-time enrollment.
How to Accept, Reduce, or Decline Your Loan Offer
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 “Request Changes” on the Award Letter Information Request page. You’re also required to complete an online entrance interview and an electronic promissory note before the funds will be disbursed to you.