Eligibility for the loan is automatically determined by the Office of Financial Aid.
Priority is given to extremely needy students.
Amounts are determined by the Office of Financial Aid. To receive the Federal Perkins Loan, students must sign a promissory note, which is a legal and binding obligation to repay the loan. In addition, a Loan Summary must be signed at the beginning of each academic year. After ceasing to be enrolled at least half-time at an institution of higher education, students are entitled to a grace period of nine months during which time interest will not accrue and principal payments are not required. The loan repayment period may not exceed 10 years.