Federal Perkins Loans

Federal Perkins Loans

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 $5,500 depending on the University’s funding. The lifetime maximum for an undergraduate student who has not completed two full years of undergraduate academic work is $11,000. The lifetime maximum for an undergraduate student who has completed two full years of undergraduate academic work and is pursuing a Bachelor's degree is $27,000. 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 2012-2013 award year, you can discuss your eligibility with a Financial Aid Counselor If you have been offered a Federal Perkins Loan but do not want to accept the loan, you may come to the Office of Financial Aid and Scholarships located in SSB #6, Suite 130 and speak with a front desk representative to cancel your loan.

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 Student Success Building Area 5, Suite 150 or visit http://www.mscd.edu/studentaccounts/perkins/

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 MSU Denver acts as the lender, you will make your payments to MSU Denver Bursar's Office, SSB Area 5, suite 140.

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 can 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 and Scholarships (Student Success Building Area 6, Suite 130, 303-556-8593) if your funds have not been applied to your account.