Loans are made to entering freshmen and transfer students who are enrolled as regular students and to returning students who are in good academic standing and who can demonstrate financial need. The Perkins Loan program is funded by the federal government. Based on financial need, these are low-interest loans made by lenders such as banks, credit unions or savings and loan associations and insured by state guaranty agencies. Loan limits are based on need and grade level.
Interest accrues to the borrower beginning on the date of disbursement by the lender.
The borrower is responsible for the interest during in-school and deferment periods. N.C. State Scholarship Loan Fund for Prospective Teachers Students desiring loans of this type should make applications to the North Carolina State Department of Public Instruction, Raleigh, North Carolina. Repayment of the loan is canceled for recipients who teach four years in North Carolina public schools. This loan fund was established by a friend and former faculty member of the University of North Carolina at Pembroke, Lois Barrett Lewis in memory of her sister Mollie Barrett. Steve Brooks Memorial Emergency Loan Fund Mrs. Lela H. Brooks established this fund as a memorial to her dearly beloved son Steve.