Some financial aid packages include Federal Perkins Loans. If you are eligible for the loan and the amount you are eligible for is determined by Macalester. Perkins Loans are originated and administered by Macalester. Perkins loans are:
- Awarded to the neediest financial aid applicants.
- No credit check required.
- No payments are required while half-time enrollment is maintained.
- Payments begin nine months following graduation or withdrawal from Macalester.
- No interest accrues while you are enrolled.
- Interest rate during repayment is fixed at 5%.
- Standard repayment period is ten years.
- Federal Perkins Loan promissory notes will be signed in person during the early part of the fall semester.
There are three steps to securing your Federal Perkins Loan
- Accept all or part of your Federal Perkins Loan on 1600grand.macalester.edu (under the Student Life tab).
- Complete the Perkins Loan Application.
- Attend an Entrance Interview and Perkins Loan Promissory Note Signing Session.