Loans Available to IUPUI Students
Federal Perkins Loan – General Information and Entrance Counseling
A Federal Perkins Loan is a low-interest loan for students with exceptional financial need. The IUPUI Office of Student Financial Services awards this loan and Student Loan Administration in Bloomington administers the promissory note and repayment processes.
You are automatically considered for this loan if you submitted your Free Application for Federal Student Aid (FAFSA) by the March 10th FASFA Priority receipt deadline for the aid year. Because funding is limited, these loans are awarded to students with exceptional financial need who meet Satisfactory Academic Progress standards.
Federal Perkins Loans requires entrance counseling and a signed promissory note. You will receive an email notification directly from Student Loan Administration (at your university email address) to sign your promissory note for the loan. On-line entrance counseling is completed as part of the promissory note signing process. This notification is send to your IU email account and you will be assigned a To Do item in your OneStart account. It is important you complete this process in a timely fashion to avoid a delay in these funds crediting to your student account for payment of eligible charges such as tuition and fees.
Borrowers receive the following benefits on the Perkins Loan:
- 0% fees
- Low fixed interest rate – 5%
- Repayment begins nine months after graduating, leaving school, or dropping below half-time status.