Federal Perkins Loans
The Federal Carl Perkins Loan program is for students enrolled at least half time in an eligible program who need a loan to meet educational expenses. Students may borrow up to $5,500 for each year of undergraduate study. The maximum debt for undergraduates is $27,500. The amount awarded by the University is generally less due to limited funds. Repayment begins nine months after students graduate or drop below half-time enrollment. There is a 10-year pay back period, at five percent interest on the unpaid balance of the loan principal. The amount of the repayment depends on the size of the debt and ability to pay. In most cases, students must pay at least $40 a month. Any agreement for a lesser amount must be attributable to extraordinary circumstances such as prolonged unemployment. Default: If a student defaults on a Perkins Loan and the school is unable to collect, the federal government will take action to recover the loan. In cases of bankruptcy, total or permanent disability or death, loan obligations are cancelled.
Deferment of repayment is available if:
1. You are enrolled and attending as at least a half time student at an institution of higher education.
2. For any period not to exceed three (3) years you:
- are unable to find full-time employment.
- are experiencing an economic hardship.
- are active in certain military services.
Loans may be canceled for performing qualifying (full-time) services in areas such as:
- Early Intervention Services
- Law Enforcement or Corrections Officer
- Nurse or Medical Technician
- Child or Family Service Agency
- Attorneys Employed in a Defender Organization
- Tribal College or University Faculty
- Speech-Language Pathologist
- Service in an Early Childhood Education Program
- Certain Military Services
- Volunteer Services
Loans may be discharged due to death, permanent disability, bankruptcy, or school closure.
You may need to complete a Perkins Master Promissory Note, a Statement of Rights and Responsibilities, and an entrance interview questionnaire for your loan. These documents can be found at http://www.lssu.edu/busoff/forms.php. From the web page, scroll down to Student Forms. You will then want to print the Perkins Master Promissory Note, Statement of Rights & Responsibility, and the Entrance Interview Questionnaire.
Please return each of the completed documents to the Business Office at the address listed below:
**DO NOT FAX THESE DOCUMENTS**
Lake Superior State University
Attn: Business Office
650 W Easterday Ave
Sault Ste. Marie, MI 49783
If you have any questions, please feel free to contact Ashley MacDonald at 906-635-2592.