Federal Perkins Loan
Congress failed to pass an extension of the Perkins Loan program. Therefore, we are no longer able to issue new loans effective October 1, 2015. Existing loans will continue to be serviced by ACS Education Services.
Federal Perkins Loans range from $200 to $4000 depending upon the availability of funds at DePauw. The loan generally will be $2000 or less. When sufficient Perkins funds are not available to award to all eligible students, the order of selection will be based on financial need and the financial aid application date.
DePauw's Financial Aid Office is responsible for determining student eligibility and the amount of the Federal Perkins Loan.
DePauw's Student Loan Office is notified of the loan award and prepares an instruction letter, a truth-in-lending statement and other related documents. The documents are delivered to the student's campus mail box to be completed and returned to the Student Loan Office as soon as possible. This process is repeated for each year the student has Perkins Loan eligibility. First-time borrowers must sign an E-MPN (electronic promissory note) and complete an on-line entrance interview. Loan funds will be credited to the student's account when all paperwork is completed but no earlier than 10 days before classes start.
- Student must review, sign and date the E-MPN. An email message is sent to the borrower in August with a link to the E-MPN site. The student's FAFSA PIN serves as the electronic signature on the promissory note for loan repayment after the student ceases to be enrolled at least half time.
- Disbursement will be on a semester basis. The Student Loan Office notifies the student in writing when the credit is placed on the University account. After current semester charges are paid, if additional funds remain, the Cash Receipts Office issues a check to be used for other educational expenses. Checks are sent to U. B. mailboxes after the first day of each semester.
- Federal Perkins Loans are reported to nationwide credit bureaus.
- Borrowing is limited to a maximum of $4,000 annually or maximum of $20,000 aggregate loan amount for undergraduate study leading to a bachelor's degree or teaching certificate.
- Receipt of a Federal Perkins Loan may affect the amount of other awards a student receives except from the Federal Pell Grant and the Federal Unsubsidized Stafford Loan programs.
- An on-line exit interview must be completed when enrollment at DePauw is terminated due to graduation or withdrawal.
- The loan must be repaid according to the terms of the signed promissory note.
- Repayment will begin nine months after the student ceases to be enrolled at least half-time at DePauw, unless a proper deferment form is submitted showing eligible attendance at another institution. Repayment may extend over a ten-year period.
- Minimum $40 monthly payment must be made.
Examples of Payment Amounts
|Amount of Note||No. of Months||Monthly Payment||Total Finance Charge at 5%||Total Payment|
Questions about the Federal Perkins Loans should be directed to firstname.lastname@example.org or telephone (765) 658-4195.