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Get the Facts: Perkins Loans
No origination fee is deducted from the face value of the Perkins award amount. Interest does not accrue while student is enrolled at least half-time.
Repayment of a Federal Perkins Loan begins nine months after you graduate, leave school, or drop below half-time status. This nine-month period is known as the grace period. At the end of the grace period, a borrower must begin repayment and is allowed up to 10 years to repay the Federal Perkins Loan in full. The monthly repayment amount is based on the size of the borrower’s debt and the length of the repayment period.
Under certain circumstances, a borrower can receive a deferment or forbearance on the Federal Perkins Loan. The loan can also qualify for cancellation under certain unusual conditions.
Who is Eligible for a Perkins Loan?
A school may make Perkins Loans through September 30, 2017 to an eligible current or new undergraduate student who, on the date of disbursement:
- has an outstanding balance on a Perkins Loan made by the school
- does not have an outstanding balance on a Perkins Loan made by the school
...if the school has awarded the student all...
- Direct Subsidized Stafford Loan aid
- Direct Subsidized and Unsubsidized Stafford Loan aid
...for which the student is eligible.
A school may continue to make Perkins Loans through September 30, 2016 to an eligible graduate student who has received Perkins Loan before October 1, 2015, if the graduate student received his or her most recent Perkins Loan from the school, for enrollment in an academic program at the school. And the new Perkins Loan will enable the graduate student to continue or complete the academic program for which the student received his or her most recent Perkins Loan.
Completing the Perkins Master Promissory Note
- Open the Perkins Master Promissory Note
- In Box 1 of the form, please enter:
- Your complete name (last, first, middle initial).
- Your complete mailing address (including city, state, and zip).
- In Box 2 enter your Social Security Number.
- In Box 3 enter your date of birth (mm/dd/yyyy).
- In Box 4 enter your complete home phone number (including area code).
- In Box 5 list your driver's license number - please include the state that it was issued from before entering the number.
- Print the form.
- Sign and date it in blue or black ink.
- If you make a mistake and need to cross something out, please initial the change that you make.
- Send all 4 pages of the completed form to your regional Office of Financial Aid via the US Postal Service - we cannot accept a faxed or emailed Perkins Master Promissory Notes. The signature must be original.
- Retain a copy of the Perkins Master Promissory Note as well as the terms and conditions for your records.
Completing Perkins Entrance Counseling
The entrance counseling is required for all first-time Perkins borrowers at Rutgers University. If you are unsure if you need to complete the entrance counseling, please go ahead and complete the counseling.
View all Perkins Loan Terms & Conditions.
As required by the Federal Perkins Loan Program Extension Act of 2015, enacted on December 18, 2015, institutions must make the following disclosures available to Perkins Loan borrowers.
- The Perkins Loan program has been extended through September 30, 2017. The Federal Perkins Loan program will expire on September 30, 2017. No new loans will be granted after this date and future extensions to the Perkins loan, under this Act, are prohibited.
- Repayment and forgiveness benefits available to Federal Direct Loan borrowers are NOT available to Perkins borrowers.
- A Perkins Loan borrower is eligible to consolidate their Perkins Loans(s) into a Direct Consolidation Loan. Read more information on Consolidation Loans.
- As of June 30, 2015 the interest rates are as follows:
- Federal Direct Subsidized and Unsubsidized Loans - 4.29%
- Perkins Loans - 5%
- Students can review all Federal loan aggregate borrowing limits
We are required to offer a Direct Subsidized loan for current (students who have an outstanding balance on a Perkins loan from Rutgers University) undergraduate Perkins loan borrowers before we make an offer of a Perkins loan.
All other undergraduate students must be offered the Direct Subsidized Loan and the Direct Unsubsidized Loan before an offer of a Perkins loan is made. The offers will be limited by annual and aggregate loans limits, dependency status and your year in school. You are not required to accept these loans. However, your offer of a Perkins loan will not increase if you decline the Direct Loans.
For additional questions, please contact our office at 848-932-7057.