Frequently Asked Questions
What is a Federal Perkins Loan?
- A low interest (5%) student loan for both undergraduate and graduate students with exceptional need. The school (UNO) is the lender for this type of federally funded loan.
If awarded the loan, how does the student receive the funds?
- Once the student accepts the award and turns in their award letter, he or she should receive instructions by mail from the Perkins Loan Office.
- First time borrowers must attend a loan counseling session to sign their promissory notes, returning borrowers are mailed their notes to sign and return.
- Once paperwork is completed, and the student is registered at least three-quarter time, the loan disbursement will be credited to the student's tuition and fee account.
When is the Federal Perkins Loan repaid?
- Nine months after the student ceases to be enrolled at least half-time.
What are the Federal Perkins loan deferment benefits?
- Enrollment, unemployment, economic hardship, military, and pre-cancellation benefits. See deferment/forbearance.
Can the Federal Perkins Loan be cancelled?
- Yes, a portion or all of the loan can be cancelled for certain types of full-time public service employment. Contact our office or go to cancellation benefits.
Why borrow a Federal Perkins Loan as opposed to or in addition to other student loans?
- Low interest rate of 5%
- Nine month (interest free) grace period
- Cancellation benefits
- Deferment benefits
- Loan repayments allow future students to borrow from this revolving fund.
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