Financial Aid Office

Federal Perkins Loans (National Direct Student 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 $4,000 for each year of undergraduate study. The maximum debt for undergraduates is $20,000. 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 canceled. 

Deferment of payment 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

A.  unable to find full-time employment.

B.  experiencing economic hardship.

C.  certain military service.

Cancellation: Loans may be canceled for:

1. certain types of teaching,
2. full-time qualified provider of early intervention services for the disabled,
3. full-time nurse or medical technician,
4. full-time law enforcement or corrections officer,
5. death or disability of the student,
6. full-time staff of Head Start Educational Program,
7. full-time provider of services to high-risk children at a child or family service agency.
8. certain military service.