Federal Perkins Loan
The Perkins Loan is awarded to students with exceptional financial need. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government.
- Interest rate is fixed at 5%
- No loan fees
- You may be eligible for up to $3,000 per academic year
The Perkins Loan is a subsidized loan, with the interest paid by the federal government during the in-school and 9-month grace periods.
Complete Required Federal Perkins Loan Entrance Counseling
Sign your Federal Perkins Master Promissory Note - this must be signed each year you receive and award
How to Apply for A Federal Perkins Loan
The Perkins Loan is awarded to students with exceptional financial need as determined by the FAFSA. A Federal Perkins Loan will be offered only if you are eligible and funds are available. Our funds are limited - fIle your FAFSA early to maximize your opportunities for funding.
Loan Counseling Requirements
Perkins Loan ENTRANCE Counseling - Federal Perkins Loan recipients must complete entrance loan counseling before the loan can be disbursed.
Perkins Loan EXIT Counseling - Before graduation, transfer to another institution, or otherwise separating from Wayne State University, Federal Perkins Loan recipients must complete exit loan counseling which is conducted by Student Accounts Receivable. 313-577-3656.
Master Promissory Note
If you are awarded a Federal Perkins Loan, you must sign Master Promissory Note (MPN). before the loan can be disbursed. The MPN lists the terms under which you are borrowing and agree to pay back the loan. Wayne State University requires Federal Perkins Loan borrowers to sign a new Master Promissory Note every year.
- Perkins Electronic MPN Option:
the “Outstanding Requirements” page after you have accepted your loan offer.
If you do not wish to sign electronically, you can download and print a Master Promissory Note (MPN) here. Submit the original document (no faxes or photocopies) to our office.
Federal Perkins Loan Annual Limits and Total Maximum Limits
The maximum Perkins loan award for eligible students is $3,000. The total amount you can borrow as a graduate or professional student is $40,000, including any Federal Perkins Loans you borrowed as an undergraduate.
The actual amount that you can borrow in any year is dependent upon funds availability.
Federal Perkins Loan Repayment
A Federal Perkins Loan is a low-interest (5 percent) subsidized loan for students with exceptional financial need. Wayne State University is the lender.
No interest accrues on a Federal Perkins Loan while you are in school at least half-time and for nine months following graduation. Repayment begins 9 months from the date you become a less-than-half-time student. There is a 10-year repayment period.
Federal Perkins Loan Credit Reporting Requirement
Wayne State University must report the date and amount of each disbursement of Federal Perkins Loan funds to at least one national credit bureau.
Federal Perkins Loan Cancellation
Under certain conditions, a Federal Perkins Loan that is not in default can qualify for cancellation. A summary of the cancellation conditions is provided in The Student Guide.
Only the school that grants the Federal Perkins Loan can determine if the borrower is entitled to have any portion of the loan cancelled. If you borrowed a Federal Perkins Loan while enrolled at Wayne State University, direct questions concerning cancellation to the Office of Student Accounts Receivable. Welcome Center, 4th Floor, 42 West Warren Avenue, Detroit, Michigan 48202, telephone number 313-577-3656.Source: law.financialaid.wayne.edu