Office Hours:
Monday-Tuesday
8:30 a.m. - 4 p.m.
Wednesday
10:00 a.m. - 4 p.m.
Thursday - Friday
8:30 a.m. - 4 p.m.

FEDERAL PERKINS LOANS

A Federal Perkins Loan is a low-interest (5 percent) loan for students with exceptional financial need. PSU is your lender, and the loan is made with government funds. You must repay this loan to PSU. The loan funds will be disbursed in at least two payments during the academic year and will be applied to your PSU charges. You apply for a Federal Perkins Loan by completing a Free Application for Federal Student Aid (FAFSA) and meeting PSU's priority filing deadline of March 1.

Federal Perkins Loan borrowers - two (2) Steps Required:

1. Complete an Online Entrance Counseling session using the Federal Stafford & Perkins Combined Entrance Counseling site. This process takes approximately 20 minutes to complete. If you have already completed one for a Federal Stafford, you have met this requirement.

2. Sign a Federal Perkins Loan Master Promissory Note (MPN). The paper note will be mailed to borrowers beginning in July and must be completed, signed, and returned to PSU before any loan funds can be credited against student's charges.

How Much Can I Borrow? . The amount you receive depends on when you apply, your financial need and the funding level at PSU. The current funding level at PSU limits these awards up to $2,000 for an academic year. In addition, due to limited funds, only first-year and second-year students with the highest financial need (generally those students who are eligible for Federal Pell Grants) only receive Federal Perkins loans.

Other Than Interest, Is There a Charge for This Loan?
The current interest rate on the loan is fixed at 5 percent and deferred until repayment. However, once you are in repayment, if you skip a payment, if it is late, or if you make less than a full payment, you may be required to pay a late charge plus any collection costs.

When Do I Pay It Back?
If you are attending school at least half-time, you have nine months after you graduate, leave school or drop below half-time status before you must begin repayment. This is called the "grace period." If you're attending less than half-time, check with the Collection Office to find out how long your grace period will be.

Can I Cancel the Loan If I Change My Mind, Even If I've Signed the Promissory Note Agreeing to the Terms?
Yes. You may cancel all or a portion of your loan if you inform PSU within 14 days of the funds being credited to your account.

The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans.