Interest begins accruing nine months after the student leaves school. The current interest rate is five percent. Your monthly payment will depend on the size of your debt and the length of your repayment period. The Financial Aid Office will determine your eligibility based on need and fund availability. You must be enrolled at least half-time and be making satisfactory academic progress to receive this loan.
First consideration is given to education, social work, and nursing programs majors.
For more information on the Perkins Loan repayment and credit click here . A Subsidized loan means that the government pays the interest on your loan while you are in school, in your grace period, or in deferment. An Unsubsidized Loan accrues the interest while you are in school and you are responsible for the interest payments. To qualify for a Subsidized Stafford Loan you must demonstrate financial need. To qualify for an Unsubsidized Stafford Loan you do not have to demonstrate financial need but the costs of your education must exceed any other financial aid you have been awarded.