Federal Perkins Loan

The Federal Perkins Loan program is a revolving loan program, which means funds that are lent to students are made possible by prior student borrowers now in repayment. The university serves as the lender for the Federal Perkins Loan. Both federal and university requirements, along with availability of funds, determine eligibility. The Federal Perkins Loan interest rate is 5%, and is interest-free while you are enrolled at least half time. Depending on need level and the available funding, Puget Sound students can borrow up to $4,000 for each year of undergraduate study (the maximum undergraduate eligibility is $20,000) and up to $6,000 for each year of graduate study (the maximum graduate eligibility is $40,000, including any Perkins Loan borrowed as an undergraduate).

Perkins Loan Application Process
Your Financial Aid Award Notice specifies the amount of Federal Perkins Loan assistance you are eligible to receive. You may reduce or decline the offered amount by notifying Student Financial Services. All Federal Perkins Loan borrowers must complete a loan counseling session and sign a Perkins Promissory Note each year before the loan funds can be applied to their student account. Begin loan application process.

Disbursement of Perkins Loan Funds
The annual loan amount is divided equally between fall semester and spring semester. Perkins loans do not have an origination fee. Repayment of the Perkins Loan begins nine months after graduation, or dropping below half-time enrollment. Your repaid Perkins loan dollars will be used in future years as new loans to Puget Sound students.