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Federal Perkins Loan

A Federal Perkins Loan is a low-interest (5 percent) loan for undergraduate students who meet the priority application date and demonstrate exceptional financial need.  These loans are made through University Scholarships & Financial Aid Services.  The loan is made with government funds.  You must repay the loan.

How much can I borrow?
It depends  on when you apply, your financial need, and the funding level; however, check out the chart to see the general figures.

  Annual Limits
for USF
Aggregate Limit
Undergraduate $2,000 $27,500

Other than interest, is there a charge for this loan?
No, there are no other charges.  However, if you don't make loan payments as scheduled, you might have to pay a late charge plus any collection costs.

How do I get a Federal Perkins Loan?
You are automatically considered for a Federal Perkins Loan when you complete the Free Application for Federal Student Aid (FAFSA), however if you are awarded a Federal Perkins Loan, you must sign a promissory note with USF's Accounts Receivable in the division of Purchasing and Financial Services.  You must also complete  an Exit Interview, administered through Student Financial Services if you graduate or stop attending classes.

When do I pay it back?
If you're attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment.  This is called "grace period."  At the end of your grace period, you must begin repaying your loan.  You may be allowed as many as 10 years to repay the loan in full.  Periods of deferment and forbearance do not count as part of this 10-year-period.  Your monthly payment amount will depend on the size of your debt and the length of your repayment period.

Perkins Loan Exit Interviews are administered by Accounts Receivable SVC 1038 (813)974-6029 when you leave school. This interview reviews your rights and responsibilities regarding Perkins Loan Repayments.  Repayment schedule options, loan consolidation, deferments, forbearance and loan cancellation opportunities. The Perkins Loan program offers many ways to pay off your Perkins Loans under specific conditions.

Failure to attend a Perkins Loan Exit Interview will result in an administrative hold being placed on your academic records. Exit Interview information also covers repayment schedule options.

svincent - 10/23/13