Federal Perkins Loan
(
)
A Federal Perkins Loan is a 5% fixed-rate loan
that is administered by the College for students who
demonstrate financial need.
If your award letter indicates that you are eligible
for a Perkins Loan and you wish to accept this loan,
you will need to complete a Master Promissory Note.
Students can complete the Master Promissory Note
online at
.
The U.S. Department of Education requires
all first-time Federal Perkins Loan borrowers to
complete a loan counseling session prior to receiving
their first disbursement. The loan counseling session
will inform you of your rights and responsibilities
as a Federal Perkins Loan borrower. Students can
complete an online loan counseling session at
.
Repayment of the loan is deferred until nine (9)
months after you graduate or cease to be enrolled on
at least a half-time basis, whichever comes first.
Interest accrues in the student’s name beginning in
the 10th month after the student ceases to be enrolled
on at least a half-time basis.
Billing is handled by an outside agency; however,
payments are made directly to Lycoming College on
a monthly basis. The maximum repayment period
is 10 years. There is no penalty for prepayment of
the loan.
For more information regarding the Federal
Stafford or Federal Perkins Loan programs, please go
to
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