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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 funds from the federal government and/or 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. 

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 of March 15.  You will need to submit your FAFSA in January or early February to allow time for processing to meet this deadline.  In addition, you must have financial need in order to qualify for a Perkins Loan.  In general, Ohio University makes Perkins Loans that average $1,200 per school year to be disbursed equally over the semesters i.e., $400 per semester for three semesters, respectively.

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.

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.

Repayment

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.

Current federal legislation will result in the end of the Perkins Loan program as of October 1, 2015. Students awarded a Federal Perkins loan for the 2015-16 academic year must be enrolled in, at least six credit hours and must have completed any outstanding items on the To-Do List on the OHIO Student Center at http://sis.ohio.edu/student. Student must accept the Perkins Loan and complete the Perkins Master Promissory Note. Both requirements must be completed by September 25, 2015 so that the loan may disburse prior to the October 1 deadline. Any loan that does not disburse for fall semester by October 1 will be canceled. Please note, that, should the Perkins Loan program end, students may not be eligible for future Perkins Loans.