Perkins Loan General Information
Federal Perkins Loan
The Perkins Loan is a need based, long-term, low-interest,
fixed rate loan. This loan is partially funded by the governement
and by Macalester College. Macalester College is the lender and
administrator of this loan program. This is a Title IV program.
The loan is governed by federal regulations set by the Department
of Education. The loan must be repaid.
Interest Rate and Repayment Terms
Perkins loans have a 0% interest rate while you are enrolled
in college at the half-time level or above and during a nine month
grace period after you leave school. Repayment begins at the end
of the grace period and lasts for a period of ten years, during
which interest is charged at 5.0%. You can apply for a deferment
if you enroll in graduate school, become unemployed, or meet other
conditions specified on your promissory note.
If awarded a Perkins loan by the Financial Aid Office,
you will be requested to attend an entrance interview after you
have completed a Perkins loan application. Watch for a notice in
your SPO for the dates and times. At this interview you will be
requested to sign the Promissory note and your rights and responsibilities
as a borrower will be explained to you. This interview is mandatory.
You will not receive the Perkins loan without completing this process.
Federal regulations require that all Perkins loan borrowers
attend an exit interview prior to leaving school. Details about
your loan will be dicussed at length. Failure to complete an Exit
Interview will result in a HOLD being placed on your transcript
records and your diploma. Exit interviews are scheduled in the Spring
semester for Seniors and on an individual basis for others. Please
contact the Perkins Loan Office if you are leaving school and an
exit interview has not been scheduled.
Topics Discussed at Exits:
- Cancellation Provisions Available
- Loan Deferment Provisions
- The Consequences of Default