Federal Perkins Loans
| What is a Federal Perkins Loan? Benefits of a Federal Perkins Loan Disbursement of a Federal Perkins Loan |
What is a Federal Perkins Loan?
Federal Perkins Loans are long-term federal loans based on each student’s need eligibility. Amounts of Federal Perkins Loan awards can range from $500 to $4,000 depending on the college’s funding. Federal Perkins awards are placed on a student's file in offered status by the Office of Financial Aid. You may qualify for a Federal Perkins Loan based on your FAFSA information.
For the 2009-2010 award year, your EFC must be less than 3,500 and you must have an early packaging group for awarding. If you are not awarded a Federal Perkins Loan, but have an EFC of less than 3,500, you can discuss your eligibility with a Financial Aid Counselor and complete a Perkins Loan Wait List Form (PERK). The wait list will be reviewed in October and awarded to eligible students until the funds are exhausted. If there are no funds for the fall term, we will keep students on the wait list for the spring term. If you have been offered a Federal Perkins Loan but do not want to accept the loan, you may complete Financial Aid Perkins Loan Rejection Form (REJPER), which is available in our Financial Aid Forms Section of the Website.
Once the Financial Aid Office offers a Perkins Loan, the Perkins Loan Office will mail a Master Promissory Note (MPN) and Entrance Interview requirements for you to complete. To accept a Perkins Loans, students are required to complete an Entrance Interview and a Master Promissory Note once per academic year by census date of each semester. Once this Perkins Loan Office receives the completed forms, they will accept the Perkins Loan. Entrance Interview sessions for Federal Perkins Loans may be completed online at the Mapping Your Future Website. Exit Interview sessions for Federal Perkins Loans are conducted by The Perkins Student Loan Office personnel in the Central Classroom Building, CN 110.
Benefits of a Federal Perkins Loan
Repayment of the loan begins nine months after you graduate or cease to be enrolled at least halftime. The interest rate is fixed at 5%, and interest begins to accrue when repayment begins. Because Metro State acts as the lender, you will make your payments to Metro State Cashier's Office, CN 107.
Disbursement of a Federal Perkins Loan
All Federal Perkins awards are offered based on full-time status (12 credit hours). You must be enrolled in at least 6 credit hours to receive a Federal Perkins Loan. Perkins Loans are pro-rated and may disburse for a lesser amount based on enrolled credit hours. Financial Aid hours are frozen on census date of each semester and proration of aid ends. Please be registered for all of your classes by census date of each semester. Perkins Loans that have not been accepted by the census date of each semester will be automatically cancelled. You may talk with a Financial Aid Counselor to learn what date is census date. If you plan to take less than 12 credit hours, you may want to talk to a Financial Aid Counselor so that you are aware of the pro-rated amount of Federal Perkins Loan you will receive at either three-fourths enrollment (9-11 credit hours) or half-time enrollment (6-8 credit hours).
To receive your Perkins Loan funds, your financial aid file must be complete, including the completion of your Perkins Loan Entrance Interview and Master Promissory Note, and you must be meeting the standards of the Office of Financial Aid Satisfactory Academic Progress Policy, before the school can receive or release any funds. Check with the Office of Financial Aid (Central Classroom Room 116, 303-556-8593) if your funds have not been applied to your account.