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 Perkins Entrance Counseling site. This process takes approximately 20 minutes to complete.

2. Sign a Federal Perkins Loan Master Promissory Note (MPN). You will receive additional communications in early summer from the Financial Aid Team regarding the process to complete this MPN.

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 for an academic year and are identified on your award notification. 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) may 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.

You may access your prior loan information on the National Student Loan Data System (NSLDS) website at: www.nslds.ed.gov. This site contains all of your federal Title IV aid history.