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Federal Perkins Loan Program |
| Is there any penalty for prepaying or paying my loan off early? |
No |
| How long is the initial grace period? |
9 months |
| Does interest accrue during my grace period? |
No |
| What is my interest rate? All student loans are simple interest loans; the interest is calculated on the unpaid principal balance at the time of billing. |
5 percent |
| What is my minimum payment amount per month? |
$40.00 |
| Am I responsible for all collection agency fees and litigation fees accrued on my loan? |
Yes |
| Will my loan be accelerated if my account is turned over to a collection agency |
Yes |
| Once my loan is accelerated and the entire principal balance and accrued interest is due immediately, will I lose all deferment and cancellation privileges? |
Yes |
| If my loan is accelerated, will I receive a 6 month renewable grace period? |
No |
| Will my student loan be reported to a National Credit Bureau? |
Yes |
| Is my loan reported to a National Credit Bureau each month I am in repayment and is it notified when the loan is paid in full? |
Yes |
| Will accepting the Federal Perkins Loan affect my eligibility for other types of financial aid? |
Yes, your financial need will be affected by the amount of the Federal Perkins Loan. As a result, it may be necessary to reduce or cancel other aid such as scholarship, grants or other loans. |
| If I default on my loan will I be eligible for additional federal Title IV financial aid? |
No |
| Will I be assessed late charges if my payment is not submitted on time? |
Yes, the late charge may be up to, but not to exceed 20% of the regularly scheduled payment. |
| Who hold the promissory note for my Perkins Loan? |
The school holds the promissory note. |
| What is the maximum annual loan amount? |
| Undergraduate |
$4,000.00 |
| Graduate |
$6,000.00 |
|
| What is the aggregate limit? |
| Undergraduate |
$20,000.00 |
| Graduate |
$40,000.00 |
|
| Is it possible to coordinate a minium monthly payment option with another school's loans? |
Yes, if you desire to coordinate payments with loans from another school it is the borrower's responsibility to request such coordination. |