Perkins Loans | What’s a Perkins Loan?
The Federal Perkins Loan is a need-based, college administered federal loan with a 5% interest rate. No interest is charged nor is repayment required on a Federal Perkins Loans while a borrower is enrolled in school at least half-time. The Perkins Loan may be canceled (link to cancellations) in part or full for working full time in several areas deemed shortage areas by the Federal Government.
If you are eligible for a Federal Perkins Loan it will be reflected in your financial aid package. Awards are based on the FAFSA that you have completed. The Student Financial Services Office can be contacted at 402-375-7229 or email at firstname.lastname@example.org.
If you have been awarded a Federal Perkins Loan, a loan information sheet and loan disclosure form will be mailed to your house approximately two weeks before school starts. You will need to bring these completed forms into the Accounting Office the first week of school where you will also sign a promissory note . Loan Funds will then be disbursed as a credit to your student billing account. The maximum loan amount per year at Wayne State College depends on available institutional funds and may not meet the federal yearly maximum.