The Federal Perkins Loan is designed to assist students with low family incomes and exceptional financial need. It offers a lower interest rate and more generous repayment terms than the other federally sponsored student loan programs, the Federal Stafford Loans.

About the Perkins Loan
Applying for the Perkins Loan

About the Perkins Loan

• Who is eligible? Students who demonstrate exceptional financial need  when applying for financial aid
• Interest rate? Fixed at 5%
  
• When to repay? Repayment begins and interest begins to accrue at nine months after graduation, withdrawal, or less than half-time enrollment. No interest accrues on Federal Perkins Loans while the borrower is enrolled.
• Maximum loan amount? $4,000 per year; funds are limited
  

Applying for the Perkins Loan
When you apply for financial aid, you’ll automatically be considered for a Perkins Loan. Funds are very limited, and only students demonstrating exceptional financial need are offered a Perkins Loan as part of their financial aid package. 

If you have not previously borrowed through the Federal Perkins Loan program, you must complete the Entrance Counseling and submit a completed Perkins Loan Master Promissory Note (MPN) before funds can be credited to your student account.

If you have submitted a MPN in a prior year while at HMC, you do not need to submit another MPN loan application.  However, Perkins Loan Entrance Counseling is required each year that you borrow a Perkins Loan.

If you accept a Perkins Loan, you must:

* Complete the Perkins Loan Entrance Counseling session. Entrance counseling is designed to help you understand the terms of your Perkins Loan and manage your loans into the future.

After completing your Perkins Loan Entrance Counseling session, you will receive electronic confirmation that you have fulfilled this requirement.  Perkins Loan Entrance Counseling is required each year.

* Submit a Perkins Loan Master Promissory Note (MPN) (PDF). First-time Federal Perkins Loan borrowers must complete a Perkins Loan Master Promissory Note (MPN).  Complete boxes 1 through 6, and mail your MPN to:

        Harvey Mudd College Attention: Office of Financial Aid
        301 Platt Blvd
        Claremont, CA  91711

        Faxed MPNs are not accepted.

Once you have met these requirements, your Perkins Loan monies will be credited to your student account.