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Federal Perkins Loans

Amount: 
Dependent on need.

Federal Perkins Loans are borrowed from Doane College. 

Amounts vary depending on the student's eligibility and the amount of Perkins Loan money available.

Eligibility

Students must demonstrate exceptional financial need. Available funding is limited.  

The Financial Aid Office makes the determination of eligibility using the results of the Free Application for Federal Student Aid (FAFSA).

Loans are awarded on a first-come, first-served basis.

 

Renewability & Repayment

RepaymentBegins 9 months after graduating, dropping below half-time or withdrawing from school.

FeesNone

Interest Rate: 5.0 percent fixed

Annual Loan Limits: 

  • Undergraduate Students:  up to $5,500 annual limit
  • Graduate Students:  up to $8,000 annual limit

Total Aggregate limits for students:

  • Undergraduate Students:  $27,500
  • Graduate Students:  $60,000 (including undergraduate loans) 

If you have been awarded, and accepted a Perkins loan, a student will receive notification from the Business Office on how to complete the Perkins Loan requirements.

All loans not signed by November 1 are subject to cancellation.

Perkins Loans may be all or partially forgiven or cancelled for working in a number of public service areas, including education (defaulted loans do not qualify). 

Deferments may also be available for:

  • student status
  • economic hardship
  • military service
  • select volunteer services, etc.

Contact Sandi Meinke, the Perkins Loan Officer, in the Business Office for more information.
 

What Is the National Student Loan Data System (NSLDS)?

The NSLDS is the U.S. Department of Education's central database for student aid.

A student and/or parent is able to track all of his/her federal financial aid received through this database and review loan and grant history.  It also provides:

  • loan servicer contact information
  • information on the amount borrowed
  • information on interest accumulated, etc.

You will need your FSA Personal Identification Number to log in. 

Process

Apply for the FAFSA.