Perkins Loan

Perkins Loans are available to first and second year students who demonstrate financial need. Funding, which is provided by the federal government with BVU acting as the lender, is limited. Priority is given to students who show exceptional financial need and complete the FAFSA by June 1. No additional application is needed; the paperwork is handled by the University's Business Office. No interest is charged nor is repayment required, while a student is enrolled at least half-time. Repayment, with a five percent interest rate, normally begins 9 months after graduation, withdrawal, or enrollment below half-time. Loan repayment terms require a minimum monthly payment and usually must be completed within a 10-year period. Students will be given additional information concerning their rights and responsibilities during entry counseling and upon signing the promissory note.

Mabel E Sherman, McElroy, and BV Loans may supplement or partially replace other loan options. If such a loan is offered, the BVU Business Office will provide current interest rate and repayment information. The number of loans available from any of these sources is limited and awarding is controlled by the Office of Financial Assistance.