A Federal Perkins Loan is a low-interest (5 percent) loan for both undergraduate and graduate students with exceptional financial need. These loans are made through the Office of Financial Aid. 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 | $4,000 | $20,000 |
| Graduate | $6,000 | $40,000 |
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.
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 ADM 125 (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.