What is a Federal Perkins Loan?

The Federal Perkins Loan is a low-interest [fixed at five percent (5%)] federal loan that undergraduate and graduate students, enrolled at least half time, can borrow to pay for their educational expenses. Wright State University is the lender for Federal Perkins Loan funds. Federal Perkins Loans must be repaid.

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How to Apply!

Campus-Based Loan Requirements

WSU Cost Calculator

Loan Repayment Chart

What is required to borrow a Federal Perkins Loan?

•  The student must meet the general eligibility requirements for federal student aid.

•  The student must have submitted the FAFSA by Wright State University's FAFSA priority deadline date. Due to limited funding, students who submit a FAFSA after WSU's priority deadline date are not considered for a Federal Perkins Loan.

•  The student must have financial need.

•  The student must also be enrolled at least half-time [enrolled for a minimum of six (6) registered credit hours/quarter for undergraduates; four (4) registered credit hours/quarter for graduates].

NOTE: There is no review of student's credit history to borrow a Federal Perkins Loan.

The amount of Federal Perkins Loan funds a student can borrow depends upon the amount of funding Wright State University has available in the program.

For the 2006-2007 aid year, students can borrow up to $600/quarter in a Federal Perkins Loan.

How do students apply for a Federal Perkins Loan at Wright State University?

1. Submit FAFSA.

The student must first file a FAFSA .

2. If you plan to enroll Summer, go to WINGS Express and complete the Summer Aid Request.

Logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Summer Aid Request" and select the appropriate aid year. Indicate your enrollment plans for Summer.

3. Check WINGS Express for Outstanding Requirements and/or Award Notice.

If the student has been admitted to Wright State University and has no additional outstanding requirements on his/her Financial Aid and Scholarship Requirement link on WINGS Express, the Office of Financial Aid will post the student's Award Notice on WINGS Express at the scheduled time. To check WINGS Express for outstanding requirements, logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Financial Aid and Scholarship Requirements" and select the appropriate aid year. NOTE: Click on "Requirement Messages" for additional information/links regarding your outstanding requirements.

4. Go to WINGS Express to View Award Notice.

Logon to the WINGS portal and click on the WINGS Express icon. Enter your University ID and WINGS Express PIN. Click on "Student and Financial Aid" and then click on "Financial Aid and Scholarships". Click on "Award Notice" and select the appropriate aid year.

5. Complete campus-based loan requirements and Federal Perkins Loan Master Promissory Note.

Once the student has successfully completed the acceptance of his/her Federal Perkins Loan on WINGS Express, additional requirements shall appear on the student's Financial Aid and Scholarship Requirements link on WINGS Express. These additional campus-based loan requirements must be completed.

How are Federal Perkins Loan monies applied to the student's fees?

The Office of the Bursar will release Federal Perkins Loan funds to the student's account as long as the student: (1) has completed the Federal Perkins Loan MPN and necessary campus-based loan requirements on WINGS Express; and, (2) is eligible for disbursement. The loan funds will be applied first to the student's tuition, fees, room and board, and other institutional charges permitted by the student. Any Federal Perkins Loan funds remaining, after being applied to the student's fees, will be mailed to the student by check or can be directly deposited in a checking or savings account of the student's choice.

What is the interest rate on Federal Perkins Loan?

The Federal Perkins Loan has a fixed interest rate of five percent (5%).

Other than interest, are there other fees to get a Federal Perkins Loan?

Unlike Federal Stafford Loans, there is no additional fee for a Federal Perkins Loan.

When do students begin repaying a Federal Perkins Loan?

After students graduate, leave school, or drop below half time enrollment, they have a nine-month grace period before they begin repayment. During the grace period on a Federal Perkins Loan, students do not have to pay any principal, and they won't be charged interest. As mentioned, Wright State University is the lender for this federal loan. Students can contact the Office of Student Loan Collections at (937) 775-5666 for information about repayment. Visit our Loan Repayment Chart for an example of typical payments for a Federal Perkins Loan repayment plan.

After the students begins repayment, if the student skips a payment, makes a payment late, or makes less than a full payment, the student might have to pay a late charge. If the student continues not making payments as required, the student will have to pay collection costs.

Is it ever possible to postpone repayment of a Federal Perkins Loan?

Under certain circumstances, students can receive a deferment or forbearance on their Federal Perkins Loan, as long as the loan is not in default. During an authorized period of deferment, no interest accrues (accumulates) on the loan. During an authorized period of forbearance, interest continues to accrue, however, and the student is responsible for paying it. For more information on Federal Perkins Loan deferment and forbearance options, students should contact the Office of Student Loan Collections at (937) 775-5666.

Deferment and forbearance are not automatic. Students must continue making scheduled payments until they're notified that the deferment or forbearance has been granted. Not making payments on the loan will have a negative effect on the student's credit rating, and the loan could go into default.