Applications should be filed as early as possible as funds are limited. The Federal Perkins Loan program provides federal funds to CNU for making loans to students with need. The amount of the loan offered will depend on the financial need of the student and the amount of funds available. Money received under this program is a loan and as such, must be repaid. Repayment of the loan begins six to nine months after the borrower ceases to be enrolled on at least a half-time basis.
Interest begins to accrue when repayment begins.
The repayment period may extend up to 10 years. There are deferment and cancellation provisions which are explained in the promissory note that is provided to the borrower. These loans are made by commercial lenders such as banks and credit unions. This program is available to both students with need and the non-need students. At the end of the grace period, repayment of the loan must begin and interest begins to accrue to the student borrower.