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 a Master Promissory Note (MPN). You will have the opportunity to complete the Federal Perkins Master Promissory Note on campus at the start of the term.

Step 3 - Complete Student Loan Entrance Counseling. Choose the Perkins entrance. You are required to complete entrance counseling before funds can be disbursed to your student account.

Terms of the Loan:

Interest: The Perkins Loan is interest-free while you are enrolled at least half-time. The interest is set at 5%.

Loan Limits: The maximum amount a student may be awarded is $4,000 for each year of undergraduate study. The amount awarded is determined by the Office of Financial Aid.

Repayment: The Perkins Loan goes into repayment nine months after you graduate, withdraw or drop below half-time status.