As a result of the Perkins Loan Extension Act of 2015, the Federal Perkins Loan Program is scheduled to expire at the conclusion of the 2017-18 academic year. Unfortunately, no further extension has been issued. The consequence of this expiration is that all institutions of higher education, including University of Puget Sound, are no longer authorized to make new Federal Perkins Loans beginning with the 2018-19 academic year.
The Federal Perkins Loan program is a revolving loan program, which means the funds available to lend are made possible by prior student borrowers now in repayment. Puget Sound serves as the lender for the Perkins Loan. Both federal and university requirements, along with availability of funds, determine eligibility. The Perkins Loan interest rate is 5% and is interest-free while you are enrolled at least half time. Puget Sound students with Perkins Loan eligibility are typically awarded approximately $4,000 per year.
Your Financial Aid Award Notice specifies the amount of Perkins Loan assistance you are eligible to receive. You may reduce or decline the offered amount by sending an email message to email@example.com.
You must complete a loan counseling session and sign a Perkins Promissory Note each year before the loan funds can be applied to your student account. Promissory Notes are generally ready to sign by early July.
The annual loan amount is divided equally between fall semester and spring semester. Perkins loans do not have an origination fee.
Repayment begins nine months after graduation or when dropping below half-time enrollment. You can expect to hear from your lender about 30-45 days before the first payment is due.
You may have all or part of your Perkins Loan canceled for full-time employment in certain types of service.
You may be eligible for temporary postponement of your Perkins Loan payments.
If you have questions about what loans you have, you can review your federal loan history through the National Student Loan Data System (NSLDS).
You will need your Federal Student Aid ID to login. If you have forgotten your FSA ID, you can have it sent to you by clicking the Forgot My Username link.