Perkins Loan Information

Perkins Loan Information

The Federal Perkins Loan Program provides low interest loans to students to assist in financing the cost of postsecondary education. The Federal Perkins Loan is usually packaged with other forms of aid, such as grants and work study. Students must submit the Free Application for Federal Student Aid. A separate application is not required at the time the Federal Perkins Loan is awarded. The Federal Perkins Loan must be certified by the Office of Financial Aid by the last day of the semester. Recipients must demonstrate a financial need and be enrolled or accepted as a degree seeking undergraduate student. For additional information concerning eligibility, loan limits, interest rates, fees and repayment, please see Federal Perkins Loans | www.bloomu.edu.

A student who is eligible to receive a Federal Perkins Loan must complete the following prior to disbursement of any funds:

  • Federal Perkins Loan Entrance Counseling - According to Federal regulations, a student is required to complete an entrance counseling session prior to the release of the first disbursement of their Federal Perkins Loan.
  • Federal Perkins Loan Master Promissory Note - This is a binding legal agreement indicating your promise to repay your student loan according to the repayment terms outlined in the note. by signing the Federal Perkins Loan MPN, you promise to pay your current and future loans.

Both the Loan Entrance Counseling and Master Promissory Note can be completed at the Bursar Office in Waller Administration Building. Please contact Gisele Tobin at gtobin@bloomu.edu to set up an appointment.

Prior to leaving school, borrowers must complete an Exit Interview at the Bursar Office. After leaving school, you will enter a nine-month grace period. During this time, you do not have to make payments to your Federal Perkins Loan (although you may repay your loan at any time without penalty) and interest does not accumulate.

During the grace period, you will receive a repayment schedule explaining the interest rate, payment amounts and payment methods available to you. Billing methods and payment options may include billing statements, coupon books, Auto Draft from a checking or savings account, E-Bill and E-Pay.