What is a Federal Perkins Loan?
This is a low interest (5%) loan to help pay for both undergraduate studies, and graduate studies. Priority is given to students who show exceptional financial need. Federal Perkins Loans are made through Arkansas State University with government funds. This loan must be repaid.
How do I accept a Perkins Loan?
- Each student that is awarded a Perkins Loan must accept their loan by logging onto mycampus.astate.edu.
- Each student must complete a Federal Perkins Promissory Note, Perkins Loan Disclosure form, and Perkins Loan Entrance Counseling. These are available in the Financial Aid and Scholarships Office each year beginning in August. They will be available within 3 business days after accepting a Perkins loan.
The (1)Perkins Master Promissory Notes, (2)Perkins Loan Disclosure, and (3)Perkins Loan Entrance Counseling must be completed otherwise your Perkins Loan funds will NOT be applied to your account. It is essential that all forms be completed prior to the beginning of the Fall semester.
When do I begin to repay my Federal Perkins Loan?
Each student is given a period of time before repayment begins, called a "grace period" (nine months after graduation, leaving school, or dropping below half time status), the student must begin repaying his loan. Up to 10 years may be allowed to repay the loan.