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: Due to the Federal Perkins Loan Program Extension Act of 2015 (The Extension Act), enacted on December 18, 2015, the Federal Perkins Loan Program is due to expire on September 30, 2017.
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.