Some financial aid packages include Federal Perkins Loans. Your eligibility to borrow a Perkins Loan and the amount of the loan are determined by Macalester. Perkins Loans are originated and administered by Macalester. Further information about Federal Perkins Loans:
- 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.
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.