Completed and signed notes must be returned before a Perkins Loan can be credited to your account. Loans will be canceled if promissory notes are not returned promptly. Repayment begins six months after a student ceases to be enrolled at least half-time. This loan is available to students who do not qualify for subsidized loan funds on the basis of need. Total loan limits for both subsidized and unsubsidized programs, either singularly or combined, are the same.
Annual interest is the same.
Payment of interest begins immediately but may be capitalized and paid during the repayment period. Your eligibility for subsidized and unsubsidized Direct Loan is included on your Financial Aid Award notification. If you accept your loan, Direct Loan Master Promissory Notes will be sent to you during the summer. Students may complete this requirement on-line during Summer Orientation, or when they arrive on campus in September. In addition, loans are generally made for the entire academic year, to be disbursed in two installments, one half for each semester.