What is a Perkins Loan?
The Federal Perkins Loan is a need-based low-interest fixed rate (5%) loan to help you pay for college. The federal government, through Washburn University, makes these loans. Promissory notes are completed through the Washburn Business Office. Loan awards range from $250-$1500. This is a loan that must be repaid, however, repayment does not begin until 9-months after you graduate, leave school or drop below half-time status. You must meet the priority deadline of February 15 to to be considered for this loan. Additional information is available in this Perkins Loan brochure.
A Federal Perkins Loan is a low-interest loan for eligible undergraduate and graduate students with exceptional financial need. This is a campus-based program. Oakland University is the lender of the Perkins Loan. The loan is funded by the federal government and Oakland University. If you qualify for a Perkins Loan, the Office of Student Financial Services will notify you of the amount of Perkins Loan funds for which you are eligible. You must complete and sign a Perkins Promissory note and complete entrance counseling in order for you to receive your Federal Perkins Loan funds. To learn more about OU’s program, visit Oakland’s Financial Aid Web site. For detailed information regarding Perkins Loans you may go directly to the Federal Student Guide or you may go to the University Accounting Service Web site.
A Perkins Loan is an education loan provided by the United States government on a need-based basis to students studying at any one of 1,800 eligible educational institutions. Perkins Loans are open to American citizens and non-residents alike, as long as they are enrolled at least half time in a participating institution and they demonstrate financial need. Like other government-based student loans, the Perkins Loan comes with very favorable repayment terms. This government loan is named for Carl D. Perkins, a Kentucky Congressman who was noted for his efforts on behalf of disadvantaged Americans. The goal of the Perkins Loan program is to make education more accessible to people of low income. Under the terms of a Perkins Loan, as long as a student is in school, the government pays the interest on the loan. Upon graduation, the student has a nine month grace period, and then a 10 year repayment period. Typically, lenders are willing to negotiate deferments for hardship as needed for b
