Federal Perkins Loan
The Federal Perkins loan is a fixed, 5% interest rate loan. It is available to undergraduate and graduate students who demonstrate exceptional financial need. Since there is a limited pool of Federal Perkins loan funds each year, these loans are awarded first to students who meet all priority deadlines. Federal Perkins loans typically range up to $2000 per year for undergraduate students and up to $4000 per year for graduate and law students.
Students awarded a Federal Perkins loan will be required to sign and return a promissory note that covers not only the student’s rights and responsibilities, but also the cancellation and deferment features of the loan, some of which are listed below.
Portions of the Federal Perkins loan may be canceled upon documentation that you have performed full-time services in the following areas. Please refer to your promissory note for details.
- Teaching at a school with a high concentration of students from low-income families.
- Early Intervention Services provided to infants and toddlers with disabilities
- Law Enforcement or Corrections Officer
- Nurse or Medical Technician
- Child or Family Service Agency employee providing services to high-risk children from low-income communities
- Head Start staff member
- Military service member serving in certain areas
- Volunteer Service member such as Peace Corps or ACTION Program
Statement of Borrower’s Rights and Responsibilities
- I understand that I must, without exception, report any of the following changes to the Financial Aid Office and the Perkins Loan Office at Lewis & Clark College:
- If I withdraw from school or transfer to another school
- If my address or my parents’ address changes
- If I drop below half-time enrollment status
- If my name should change (i.e. by marriage)
- If I join the United States military or Peace Corps
- If I am eligible for cancellation or deferment benefits under the terms of the Perkins Loan Program.
- I understand that when I graduate or withdraw from Lewis & Clark College, I must arrange an exit interview by calling the Perkins Loan Office at 503-768-7825.
- I understand that the first installment payment on my Perkins Loan will be due nine (9) months from the time that I cease to be a half-time student.
- I understand that the minimum monthly payment will be at least $40.00. It will be larger if the amount I borrowed is sufficient to require larger payments in order to pay this loan in full within a 10 year period. Payments will be applied to first to any late charges, then to accrued interest, then to the principal balance.
- I understand that the 5% annual percentage rate will be charged on the unpaid balance and will begin to accrue nine (9) months after I cease to be enrolled as a half-time student.
- I understand that cancellation of a Perkins Loan may be granted for special conditions according to the terms shown on my promissory note, and in the event of my death or permanent disability. I also understand that Lewis & Clark College must be informed of such status.
- I understand that if I enter the United States military service or the Peace Corps, or pursue advanced professional training, I may request that payments on my Perkins Loan be deferred.
- I understand that if I cannot make a payment on time, that I must contact Lewis & Clark’s Perkins Loan Office.
- I understand that I must promptly respond to any communication regarding my Perkins Loan.
- I understand that if I fail to repay my Perkins Loan as agreed, the total loan may become due and payable immediately (acceleration) and legal action may be taken against me.
- I authorize Lewis & Clark College to contact any school which I may attend, to obtain information concerning my enrollment status, my year of study, my dates of attendance, graduation, or withdrawal, my transfer to another school, or my current address.
- I understand that this loan and its current status will be reported to national credit bureaus. As a policy, Lewis & Clark does not change past credit reports for the Perkins Loan unless it is our error.
Additional information can be obtained from the Lewis & Clark Perkins Loan Repayment Office or from the Federal Student Guide.
You can reach the Lewis & Clark Federal Perkins Repayment Office at firstname.lastname@example.org or by calling 503-768-7825.