Federal Perkins Loan
The Federal Perkins Loan (formerly called the National Defense and National Direct Student Loan) is a federally funded low-interest loan. Ohio University is the lender using payments collected from previous borrowers. The interest rate on the Perkins Loan is five percent and repayment starts nine months after you leave school or graduate.
The Federal Perkins Loan program is set to end October 1, 2017. No Perkins Loans will be awarded after this date. If you are a new Perkins borrower for the 2016-17 academic year, your maximum annual Subsidized and Unsubsidized Federal Direct Stafford Loans have been awarded to you prior to your Perkins Loan. If you are a continuing Perkins Loan borrower, meaning you have a Perkins Loan balance from Ohio University for one or more previous award years, your maximum annual Subsidized Federal Direct Stafford Loan has been awarded to you prior to your Perkins Loan.
Please note that there are differences between Perkins Loans and Federal Direct Stafford Loans in regard to repayment, forgiveness benefits, and interest rates. To review these differences, please visit https://studentaid.ed.gov/sa/types/loans/perkins and https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized.
In order to apply for the Perkins Loan, you must complete the Free Application for Federal Student Aid (FAFSA) for the appropriate school year. Ohio University must receive the results of your FAFSA by our first-priority deadline. You must have financial need in order to qualify for a Perkins Loan. In general, Ohio University makes Perkins Loans that average $1,400 per school year to be disbursed equally over the semesters i.e., $700 per semester for two semesters.
If you are awarded a Perkins Loan you have the option to accept, reduce or decline on your student center site. If you accept the loan there will be a link to complete the Perkins Loan Promissory Note. The Federal Perkins Loan requires award acceptance and promissory note completion before funds can be applied to your Ohio University account. Requirements are listed under your "To Do List". Select "details" for specific instructions. For additional information about loan terms and repayment, please visit the Student Rights and Responsibilities website at http://www.ohio.edu/financialaid/download/upload/Student-Rights-and-Responsibilities.pdf.
When you graduate (or leave school for other reasons), you must complete an online Perkins Loan Exit Interview. This Exit Interview will give you more information about your repayment options, deferments, cancellation provisions, etc. You receive an email with a web link to complete a Perkins Loan Exit Interview the semester you apply for graduation. You must complete the online exit interview in order to meet your Exit Interview requirement. Failure to complete your Exit Interview will result in a "HOLD" being placed on certain official documents such as grades, transcripts, and/or diplomas. If you are leaving school for other reasons, such as transferring to a different school, you should contact the Bursar's Office, 010 Chubb Hall, Ohio University, Athens, OH 45701, telephone (740) 593-9930 to make arrangements to complete your Perkins Loan Exit Interview.
Ohio University is the lender and collector for the Federal Perkins Loan, which is separate from any Federal Direct Loan you may have borrowed. Deferring or cancelling Federal Direct Loans will not transfer to the Federal Perkins Loan. Repayment for the Federal Perkins Loan starts nine months after a student leaves school, graduates, or drops to below half-time status. Please visit Office of the Bursar for more information. You may also call the Office of the Bursar at (740) 593-9930.