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, IN administers the promissory note, entrance and exit counseling 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.
Borrowers receive the following benefits on the Perkins Loan:
• No fees are taken out of the loan
• Low fixed interest rate of 5%
• Repayment begins nine months after graduating, leaving school, or dropping below half-time
A federal Perkins Loan requires a signed promissory note and as part of that process you will complete entrance interview counseling. You will receive an email notification directly from Student Loan Administration (at your university email address) to sign your promissory note for the loan.
This notification is sent to your IU email account and you will be assigned a To Do item in your OneStart account. It is important to 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.
Exit counseling is required for all students that have received a Federal Perkins Loan and who are scheduled to graduate or will not be attending IUPUI at least half-time. An exit interview is your opportunity to review the amount of your loans and rights and responsibilities in repaying these loans.