Federal Perkins Loan
The Federal Perkins loan is available to undergraduate and graduate students who demonstrate exceptional financial need and who have already exhausted their Federal Direct loan eligibility for the year. Since there is a limited pool of Federal Perkins loan funds each year, these loans are awarded first to students who meet the March 15 priority FAFSA filing deadline, prior to the academic year the student plans to attend. Federal Perkins loans are usually awarded between the range of $1,000 and $2,000 annually.
Students awarded a Federal Perkins loan will be required to sign electronically a Federal Perkins Master Promissory Note (MPN) and complete on-line Entrance Counseling.
As a recipient of a Federal Perkins loan offer, you will be sent a letter directing you to a website to complete the Perkins promissory note and loan disclosure. Your loan cannot be disbursed to your student account until you have signed the Federal Perkins MPN, a legal and binding contract of your promise to repay the Perkins loan, according to the loan amount, interest and repayment terms. Once a Federal Perkins Loan MPN is completed and the loan is disbursed to you by Mercyhurst University, you do not have to sign Federal Perkins Loan MPN again (it is valid for 10 years).
There are no insurance premiums or origination fees charged for this loan. Interest does not accrue while you are enrolled at least half-time. You have a nine-month grace period, which begins when you graduate or cease to be enrolled at least half time. At the end of the grace period, you begin repayment to Mercyhurst University. The fixed interest rate of 5% begins when you go into repayment and your monthly payments are calculated for full repayment within 10 years (120 months) or $40 monthly, whichever is greater.
Click here to visit the Federal Perkins Loan website