For your convenience after hours, a secured drop box is located outside the office. The interest rate is variable, changing each July 1, with a cap of 8.25 percent. Interest and payment of principle are deferred until the student ceases to be enrolled at least half time. The student must also submit an additional separate loan application certified by the school to his or her lender of choice. Students who drop below half time or do not enroll for the full loan period must have their loan canceled, the lender notified, and subsequent disbursements returned to the lender.
Funds are limited and awarded on a first-come basis.
Interest and payments begin nine months after the student graduates, withdraws from school, or drops below half time. The interest rate is 5 percent. Students who are in default or have been in default on previous federal loans are not eligible for Perkins Loans. The student is charged interest from the time of disbursement until it is paid in full. It can be paid during periods of enrollment or allowed to accumulate and added to the principal.