Federal Perkins and Nursing Loans
Federal Perkins Loan
The Federal Perkins Loan program expired September 30, 2017. Any student who received a Fall 2017 Perkins Loan disbursement prior to September 30, 2017, is eligible for their Spring 2018 loan disbursement.
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 University.
To be eligible for a Federal 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
Federal Perkins Loan Borrower Disclosures:
The Federal 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 Federal Perkins Loan borrower before it makes the first disbursement of a Federal Perkins Loan.
For additional questions please contact our office at 605.274.5216
Federal Nursing Loan
Provisions are similar to those of the Federal Perkins Loan, except that applicants must be accepted into 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.