The Perkins Loan offers a fixed interest rate of 5.0%. It offers a nine-month grace period after enrollment ceases or drops below half-time status. The Perkins loan is awarded to students with exceptional financial need. This loan is disbursed through your school, but the loan is made with government funds. The amount you may borrow is determined by financial need as determined by the FAFSA, when you apply for financial aid, and the total Perkins loan funding available to Saint Mary's College. You may be allowed up to 10 years to repay this 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 $1500 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.
While Saint Mary's College contracts with University Accounting Service to handle the repayment of Federal Perkins Loans made to Saint Mary's College students, if you have questions regarding Perkins loan deferment or repayment you may contact either University Accounting Service or Mr. Randy Tafelski at firstname.lastname@example.org or at (574) 284-4734.