Scholarships and merit awards may not be used to pay for undergraduate courses. They lapse unless used within the period specified in the award. Federal Perkins Loans Federal Perkins Loans are available to regular degree seeking or graduate students enrolled at least half-time, who demonstrate need for such a loan. The application deadline is April 1 for the upcoming academic year. The current rate of interest is 5 percent.
Funds are extremely limited.
The Federal Stafford Loan Program consists of loans borrowed directly from any participating financial institution. The loans are guaranteed by a state or private nonprofit agency or the federal government. Specifics on annual interest rates and conditions for obtaining these loans may be obtained in the Financial Aid Office. Recipients must be enrolled at least half-time. This new loan program is similar to the Federal Stafford Loan program.