You must repay this loan.
Funding is based on collections from past borrowers so it is limited.
Early application for eligible students is necessary to insure the award before funds are depleted. If awarded a Federal Perkins Loan, a promissory note must be signed at the beginning of each semester. If the promissory note is not signed, the award will be canceled and given to another eligible student. Repayment begins nine months after graduation, withdrawal from school or dropping below half-time enrollment status. The chart below shows typical monthly payments and total interest charges for three different debt levels over a ten-year period.