Federal Perkins Loan

 

WHO IS ELIGIBLE?

The Federal Perkins loan is a low interest loan awarded to all students who are either U.S. Citizens or permanent residents. You must be enrolled full time to be eligible for the Federal Perkins Loan. Students must complete the Free Application for Federal Student Aid (FAFSA) for the appropriate year to be considered for this loan

 

AMOUNT OF ELIGIBILITY:

Award amounts vary from year to year, but cannot exceed the $4,000 annual maximum. .

INTEREST RATE:

The interest rate for this loan is 5% fixed.

 

HOW DO I APPLY FOR THE FEDERAL PERKINS LOAN?

A promissory note and disclosure form must be completed through the Business Office and a Cash Management Form must be completed with the Office of Financial Aid. The Business Office will mail Perkins Loan promissory notes to you in early August. The promissory notes will also be available to you during Orientation and/or Registration.

DISBURSEMENT:

Your Federal Perkins Loan funds will be applied to your Whittier College student account in two disbursements. The first disbursement will arrive in the fall semester with the second disbursement in the spring.

REPAYMENT:

Repayment begins nine months after the student graduates or ceases to be enrolled at least half-time. The maximum repayment period is ten years. There are many loan forgiveness programs which may forgive all or part of the Federal Perkins loan.