Federal Perkins Loan
A Federal Perkins Loan is a low-interest (5 percent fixed) loan with no origination fee. Your school is your lender. The loan is made with government funds and your school contributes a share. You must repay this loan to your school or their designated servicer.
In order to determine your eligibility for a Federal Perkins Loan, you will need to complete a Free Application for Federal Student Aid (FAFSA). Federal Perkins Loan funds are limited in quantity so priority is given to students who complete their financial aid files before April 15th.
- Loan amount is up to $2,000 per year.
- Limited in quantity–priority is given to students who complete their financial aid files before April 15.
- Interest rate is fixed at 5%.
- Interest begins accruing nine months after the student graduates, withdraws or drops below half-time enrollment.
- According to federal guidelines, first-time borrowers must complete loan counseling prior to the first disbursement of their loans.
- Repayment begins nine months after the student graduates, withdraws or drops below half-time enrollment. Up to 10 years for repayment, depending on loan size.
While funds are available, North Central awards eligible students up to $2000 in Federal Perkins Loans per academic year.
If you are awarded a Perkins loan, you can accept it through your NCU Financial Aid Online account. Please do so as soon as possible to ensure that loan funds are reserved for you.
After you accept your award you will be sent an email, which will include your PIN, inviting you to complete Entrance Counseling and sign your Perkins Master Promissory Note online.
Your loan will not be credited to your student account until this process has been completed.