What are Perkins Loans?
A Federal Perkins Loan is a low-interest loan (5 percent) for both undergraduate and graduate students with financial need. Perkins Loans at PLU are funded by loans repaid by PLU students. You must repay this loan to PLU. IMPORTANT: The U.S. Department of Education is beginning a five year phase out of this loan program. Students awarded this loan in 2015-16 will be the last cohort of borrowers. Perkins Loans not disbursed by Oct 1, 2015 will be canceled and student’s eligibility for any subsequent Perkins Loan will be lost. Additionally, Perkins loan eligibility will be tied to your declared major at the time your loan is disbursed. If you change your major after receiving your 2015-16 Perkins Loan, your eligibility ends.
Who is eligible?
The Perkins Loan is awarded based upon financial need. The financial need of a student is determined by the FAFSA application.
How do you apply?
To apply for a Perkins Loan you must first submit a FAFSA form (remember to include PLU’s school code 003785). Upon receiving your FAFSA information from the federal government, PLU will compile a financial aid award. If you are awarded a Perkins Loan, additional on-line paper work will be required. To receive Federal Perkins Loan funds, borrowers must accept the loan and complete an Entrance Interview, which is completed on-line at http://ipromise.campuspartners.com. Prior to the start of the academic year, borrowers will be notified via email when their on-line processes are ready to be completed.
How much can I borrow?
The federal maximum annual loan amounts are listed below. Your actual loan amount will depend on when you apply, your level of need and the funding levels available at PLU for the academic year.
- $5,500 – for each year of undergraduate study (the total amount you can borrow as an undergraduate is $20,000)
- $8,000 – for each year of graduate or professional study (the total amount you can borrow as a graduate/professional student is $40,000, including any federal Perkins Loans you borrowed as an undergraduate).