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Federal Perkins LoanA Federal Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. The Perkins loan is awarded to students in order to supplement their Stafford loan eligibility. The amount of Perkins loan you receive is determined by Albion's Financial Aid Office and is subject to individual levels of need. You cannot request to borrow a specific amount of money in excess of your awarded amount. Program Limits and Terms $4,000 maximum for each year of undergraduate study with the cumulative amount not to exceed $20,000 Low fixed interest rate of 5% This is a fully subsidized government loan. The Federal Government pays the interest on the Perkins loan while the student is enrolled on a half-time or greater basis and during a nine month grace period once the student ceases enrollment. This grace period begins on the date the student either drops below the half-time status requirement in their course load, withdraws or graduates from Albion College. There are no loan fees associated with this loan program. Borrowers have a maximum of 10 years to repay this loan with the minimum repayment amount based upon the cumulative amount borrowed during the student's academic career. Application Process A Perkin's Master Promissory Note will need to be completed by the student and returned to the Financial Aid Office before the loan funds can be applied to student's account. Once this note is returned, one-half of the Perkins loan funds will show as a direct credit on both the student's Fall and Spring billings. Promissory notes will be mailed by the financial aid office. All borrower's under the Federal Perkins Loan program are required to complete a loan counseling session prior to loan processing. This requirement can be completed from any computer with internet access at mapping-your-future.org or by clicking on the icon below. If you do not have a home computer with internet access, you can use any of the computers in Albion's public computing labs. Please be sure to retain a copy of the confirmation number you receive at the end of the session and keep it with your financial records. Albion's Financial Aid Office receives an electronic copy of this confirmation so there is no need to forward this information to us. If you cannot complete this requirement via the internet, please contact our office to make other arrangements.
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Albion College ◦ Albion, Michigan
◦ 517/629-1000
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