Loans are an important part of most aid packages.
Therefore, it is important that you understand all the aspects of each loan program. The U.S. Dept. of Education provides on on-line version of the Student Guide which describes all federal aid programs, including loans, in depth. Because of limited funding, the Perkins Loan is awarded based on the student's need for a Pell Grant. Promissory notes are completed at the time of enrollment at the Business Office. Repayment does not occur until six months after leaving school or graduation.