The Federal Perkins Loan is designed to assist students with low family incomes and exceptional financial need. It offers a low-interest rate and more generous repayment terms than the other federally sponsored student loan programs.
Note: the Federal Perkins Loan Program ended on September 30, 2015, as a result of a decision by Congress not to extend the program. However, there is a grandfathering provision for students who received a Perkins Loan during the 2014–2015 academic year or earlier. The grandfathering provision allows our office to package Federal Perkins Loans for certain eligible students for up to five additional years (through September 30, 2020).
Keep in mind that students who received their first disbursement of a Perkins Loan during the 2015–2016 award year are not eligible under the grandfathering provision to receive the Perkins Loans in future academic years.
About the Perkins Loan
Who is Eligible?
Students who demonstrate exceptional financial need when applying for financial aid.
Fixed at 5 percent.
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 at least half-time.
Maximum Loan Amount?
$5,500 per year; funds are extremely limited.
Applying for the Perkins Loan
When you apply for financial aid, you will automatically be considered for a Perkins Loan. Funds are extremely 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 Perkins Entrance Counseling Session and submit a completed Perkins Loan Master Promissory Note (MPN) before funds can be credited to your student account.
If you accept a Perkins Loan, you must:
- Complete the Perkins Entrance Counseling Session. Entrance counseling is designed to help you understand the terms of your Perkins Loan and manage your loans. After completing your Perkins Loan entrance counseling session, you will receive electronic confirmation that you have fulfilled this requirement. A Perkins Loan entrance counseling session 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. Complete boxes 1 through 5, print, sign, date and mail your original 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 funds will be credited to your student account.
Perkins Loan Exit Interview
If you are graduating, taking a leave of absence or enrolling less than half-time, federal regulations require you to complete an exit interview counseling session with the student loan specialist at:
Student Loans/Collection Office of Financial Services
Claremont University Consortium
101 South Mills
Claremont, CA 91711
Complete the exit interview personal information (PDF) form before meeting with the student loan specialist. You can contact the student loan specialist at 909.621.8271 for more information.
Making a Payment for Your Perkins Loan
If you want to make an online payment for your Perkins Loan, you can start at ACS.