Low-interest loan for students with exceptional financial need
A Federal Perkins Loan is a low-interest loan for students with exceptional financial need. The program is campus-based, meaning that PLNU awards the loan and manages repayment.
Funds are limited and not all qualified applicants will receive a Perkins loan. If you are awarded a Perkins Loan, it will appear on your award letter. Because of the limited availability of funds, there is no guarantee that you will continue to receive Perkins Loan funding in subsequent years.
- Loan Amounts: $1500 per semester
- Interest: Fixed at 5%. Interest does not start accruing until nine months after the student graduates or the student's enrolled unit level drops below half-time status.
- Repayment: Nine months after the student graduates or the student's enrolled unit level drops below half-time status. When a student goes into repayment, he will have up to 10 years to repay the loan. Perkins Loans are considered Federal funds and therefore are subject to similar repayment guidelines as other federal loans. Non-repayment of a Perkins Loan must be reported by PLNU to the federal government and will affect your credit score. PLNU is the lender for this loan, so repayment will be to the university or its servicer ECSI.