Federal Perkins Loan
The Federal Perkins Loan program was eliminated on October 1, 2015. Students who were received a Federal Perkins Loan for the first time in the 2015-2016 academic year will be unable to receive this loan in future years.
Grandfather provision applies only to students who received a Perkins Loan for the award year 2014-2015 or earlier. A school may offer a Perkins Loan to a student only if all of the following conditions are met:
- The school made at least one Perkins loan disbursement to the student on or before June 30, 2015.
- The student is enrolled in the same institution where the last Perkins loan disbursement was received.
- The student is enrolled in the same academic program for which the student received his or her last Perkins loan disbursement.
- Students must have been awarded all Direct Subsidized Loan for which they are eligible.
- Federal loan program for students who demonstrate exceptional need based upon the FAFSA
- Funding is limited
- No interest accrues while student is enrolled at least half time
- One nine-month grace period after the student is no longer enrolled half time before repayment begins
- Standard repayment is 10 years
Annual Maximum: Up to $2,000
Cumulative Maximum Total Debt: $20,000 for undergraduate study
Interest Rate: 5%
- Federal regulations require students to complete this once you graduate from Carroll or your enrollment drops below half time status
- Provides the borrower with important information regarding your rights and responsibilities as a borrower
- Assists you on how to manage repaying your student loans and what you can expect
- Complete on line at www.uasexit.com