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The Federal Perkins Loan is a federal campus-based loan for undergraduate and graduate/professional students. Student applicants must meet eligibility requirements to receive federal student aid and meet satisfactory academic progress requirements. The Federal Perkins Loan is a form of aid that must be repaid by the student borrower. Students must have financial need.
Federal Perkins Loan Overview |
| How to Apply |
- Student must complete the Free Application for Federal Student Aid (FAFSA) by WSU's FAFSA priority deadline date of February 15 (prior to the start of the academic year).
- Once the student receives an Award Notice, the student must accept the Federal Perkins Loan via WINGS Express in accordance with the instructions provided on the online Award Notice.
- After accepting the Federal Perkins Loan, the student must complete the additional requirements for a campus-based loan as detailed on our Loan Processing page.
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| Interest Rate |
5% fixed |
| Additional Loan Fees |
None |
| Credit Requirements |
None |
| Quarterly Loan Maximum |
$600 |
| Aggregate Loan Maximum |
- Undergraduates: $27,500
- Graduates/Professionals: $60,000 (including undergraduate loans)
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| Enrollment Requirement |
Student must be enrolled at least half-time (at least 6 undergraduate credit hours for undergraduates and at least 4 graduate credit hours for graduate, Boonshoft School of Medicine and School of Professional Psychology students). |
| Disbursement |
For a given term, loan funds are disbursed no sooner than 10 days prior to the student's first attend date. Funds are applied directly to the student's account. If the student's account is paid in full and any Federal Perkins Loan funds remain, the Office of the Bursar will issue the remaining loan funds to the student in the form of a refund. |
| Grace Period |
9 months |
| Minimum Monthly Payment |
$40 |
| Maximum Repayment Period |
10 years |
| Deferment/Forbearance |
A Federal Perkins Loan borrower may receive a deferment while he or she is enrolled on at least a half-time basis. Deferment/forbearance may be available under other circumstances. Contact the Office of Student Loan Collections by calling (937) 775-5666 for more information. |
| Federal Loan Consolidation |
Available under certain circumstances.* |
| *Contact Great Lakes Educational Loan Services or your loan servicer for more information. |
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