Federal Perkins and Nursing Loans

Federal Perkins Loan

The Federal Perkins Loan is awarded to students based on financial need. The loan is made with government funds with a share contributed by Augustana College.

To be eligible for a Perkins Loan you must:

  • Complete a FAFSA and be determined to be eligible for need-based aid
  • Be enrolled at least half-time in a degree-seeking program

How to apply:

Step 1—Sign and return your financial aid award letter. You may indicate any decreases in the amount you want to borrow on your award letter.

Step 2—Complete Entrance Counseling. Please complete the Entrance Counseling, print, sign, and return to the Financial Aid Office. Only an original signature will be accepted.

Step 3—Complete a Master Promissory Note (MPN). Please complete the MPN, by printing the form, completing all of Section A and signing. The MPN must be filled out exactly how the directions indicate and signed by the student borrower. Please return the completed form to the Financial Aid Office, only an original signature will be accepted.

You are required to complete entrance counseling and the MPN before funds can be disbursed to your student account

Perkins Loan Borrower Disclosures:

As required by the Federal Perkins Loan Program Extension Act of 2015 (the Extension Act), enacted on December 18, 2015, institutions must make the following disclosures available to Perkins Loan borrowers.

The Perkins Loan program has been extended through September 30, 2017. In addition to disclosures required under 34 CFR 674.16, under the Extension Act, a school must provide the following disclosures to each Perkins Loan borrower before it makes a first disbursement of a Perkins Loan.
 
The disclosures are as follows: 
 
The Federal Perkins Loan program will expire September 30, 2017. No new loans will be granted after this date and future extensions to the Perkins Loan program are prohibited.Repayment and forgiveness benefits available to Federal Direct Loan borrowers are NOT available to Perkins Loan borrowers. A Perkins Loan borrower is eligible to consolidate their Perkins Loan(s) into a Direct Consolidation Loan. Please click here for additional information and for the benefits of consolidation: https://studentaid.ed.gov/sa/repay-loans/consolidation As of June 30, 2016 these are the interest rates for:
 
Federal Direct Subsidized Loans – 3.76%
Federal Direct Unsubsidized Loans – 3.76%
Perkins Loans – 5%
Students can review all Federal loan aggregate borrowing limits here.
Please note that we are required to award a Federal Direct Loan (subsidized/unsubsidized) as part of your Perkins Loan award. You have the right to decline/adjust these Federal Direct Loan amounts as you see fit but these awards may still impact your Perkins Loan amount eligibility.
 
For additional questions please contact our office at 609-771-2211

Federal Nursing Loan

Provisions are similar to those of the Perkins Loan, except that applicants must be accepted in to the Nursing program. Students must demonstrate exceptional financial need. The maximum loan amount is $5,200 for juniors and seniors. If a student changes from a Nursing major to another major the NSL becomes repayable immediately. There are no cancellation provisions for the NSL program. If you were awarded a Nursing Loan and need to complete the Entrance Counseling, please click here.