Federal Perkins

A Federal Perkins Loan is a low-interest (fixed 5%) loan for students with exceptional financial need.  PSU is the lender, and the loan is made with government funds. You must repay this loan to PSU. The loan funds will be disbursed in two payments during the academic year and will be applied to your PSU charges. To be eligible for a Federal Perkins Loan, you must complete a Free Application for Federal Student Aid (FAFSA) and meet PSU’s priority filing deadline of March 1.

If you have been awarded a Federal Perkins Loan, you must complete Federal Perkins Entrance Counseling and a Federal Perkins Loan Master Promissory Note (MPN). Please note these are different from those needed for your Federal Direct loans.

How Much Can I Borrow?

The amount you’re awarded is dependent upon your financial need and the program funding level at PSU. Due to limited funds, only first 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 this loan is fixed at 5% and no interest will accrue until repayment begins. 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.

How Much Will My Loan Repayment Be?

Many online loan repayment calculators can be found online, including the ones at FINAID.org and the Department of Education.  You can use these to estimate how much you will need to repay once you graduate.  Please note, the longer your loan is in repayment, the more interest you will pay. Calculations are estimates. Values may not reflect the actual amount computed by the Direct Loan Servicing Center.

Verifcation on who services your federal loans and total amount of federal loans borrowed may be found through the National Student Loan Data System (NSLDS) . This site contains all of your federal Title IV financial aid history, including both grants and loans.

You may also view your PSU Loan History online to estimate the total amount borrowed in Federal, Private and PLUS loans while at PSU. This information pulls student’s loan history accessed from the PSU portal and displays it to help each student understand the impact of loan debt upon graduation and repayment.  Students can track this information beginning their first year at PSU through the time they graduate.

Information about loan discharge and cancellations can be found on the Department of Education website.

 

The Federal Student Aid Ombudsman of the Department of Education helps resolve disputes and solve other problems with federal student loans.  Please do not hesitate to contact them at 1-877-557-2575 should you feel they can be of assistance.

April 7th, 2014 by Eric

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