- Fixed interest rate of 5.0%
- 9 month grace period (when no payments are due and interest does not accrue) after enrollment ceases or drops below half-time status
- Awarded to students with exceptional financial need, per the FAFSA
- Students have up to 10 years to repay the loan
Federal guidelines allow undergraduate students to borrow a maximum of $4,000 per academic year, with an aggregate limit of $20,000. Saint Mary's College generally limits annual Perkins loan awards to $2,000 or less. Funding for the Perkins loan program is very limited due to changes in Federal regulations and subsidies.
All students who complete the FAFSA will be reviewed for Perkins loan funding at Saint Mary's College. There is no additional application to complete to be considered for the Perkins loan.
If you are awarded and accept the Perkins loan, you will be required to complete a Statement of Rights and Responsibilities and a Perkins Master Promissory Note (MPN). The Statement of Rights and Responsibilities will be mailed to you with your financial aid letter. The MPN will be completed with Mr. Randy Tafelski in 150 LeMans Hall when you arrive on campus.
If you have questions regarding Perkins loan deferment or repayment, please contact Mr. Randy Tafelski at email@example.com or at (574) 284-4734.