The Federal Perkins Loan is a need-based loan awarded to students with the greatest financial need. Eligibility is determined through the FAFSA application. Students are notified of the amount they are eligible to borrow in their financial aid award letter. Awards range from $100 to $5,500 and the Perkins Loan interest rate is subsidized and fixed at 5%. Repayment and interest accrual begins nine months after the student graduates or drops below half-time enrollment. Repayment can be deferred for graduate study.
If you were awarded a Perkins Loan as part of your aid award, please follow the instructions below.
First-time Perkins Loan Borrowers
- Complete a Perkins Loan Entrance Counseling Session online at Mapping Your Future. This online information session explains the rights and responsibilities of the student borrower. Union College receives electronic confirmation once the entrance counseling session is complete.
- Mail a signed copy of the Perkins Master Promissory Note (MPN) to the Student Loan Manager in Financial Services, McKean House.
Previous Perkins Loan Borrowers
Complete the Financial Aid Reply Form mailed to you and return it to the Student Loan Manager in Financial Services, McKean House. If you no longer have the reply form, send an email to firstname.lastname@example.org stating that you wish to borrow the Perkins Loan offered as part of your financial aid award. Please make sure to include your full name and student ID number in the email.