The Federal Perkins Loan is a low interest (5 percent) loan for undergraduate and graduate students with financial need. Northeastern State University is the lender for this loan, and the loan is made with government funds. Repayment for this loan begins nine months after you graduate, leave school or drop below half-time enrollment. Funding for this loan is limited and is awarded to early applicants. To apply for a Federal Perkins Loan, complete the Free Application for Federal Student Aid (FAFSA) as soon after January 1 as possible. If a Perkins Loan is part of your award package, you will be contacted by the Office of Business Affairs regarding the paperwork you need to complete. The maximum Perkins Loan award is $4,000, and you must be enrolled in at least 6 credit hours.
Loans are funds that must be repaid with interest, usually after the student leaves college. Students must meet the eligibility requirements to qualify for student loans. Student loans are a serious financial obligation we encourage you to be very careful with your student loan borrowing. It is very easy to incur a large student loan debt through these loan programs. For more detailed information regarding loans, please visit www.finaid.org.