Federal Perkins Loan

The Federal Perkins Loan Program provides long-term, 5% interest loans to students with financial need.

Under the program, loans are awarded through the financial aid office. The school acts as the lender, and the loan is made with government funds. Students will receive their loan through the school. When students have completed entry counseling for the Perkins loan and filled out the necessary paperwork, the funds will be credited to their account.

Repayment of the Perkins loans begins 9 months after a student withdraws or graduates. Interest is not charged on the Perkins loan while student is enrolled at least half-time. Student borrowers may be allowed up to 10 years to pay back the Perkins loan.

In some cases, students may be eligible for a deferment or forbearance. Check with the Business Office for more information.

The Federal Perkins Loan may be cancelled or forgiven in certain situations. If you are considering majoring in education, there may be loan forgiveness/cancellation options for you.

Upon graduation, if you are a full-time teacher teaching math, science, foreign language, special education, or in a low-income school you may be eligible for cancellation on your Perkins loan.

Forgiveness/cancellation schedule

• 15% of the total amount of the Perkins loan for year 1 and year 2 of teaching;
• 20% for year 3 and year 4;
• 30% (or the balance) for year 5