Students who demonstrate significant financial need as a result of filing a FAFSA are automatically considered for a Perkins loan. The interest rate is 5%, with interest and principal repayments deferred until 9 months after the student graduates or ceases at least half-time enrollment. Because of very limited funds, annual award amounts generally do not exceed $2,000 per student, and priority is given to undergraduates.
Steps to Receive a Perkins Loan
Review your Financial Aid Award letter to determine if you were awarded a Perkins Loan. If you want to reduce or decline your loan entirely, please email the Financial Aid Office at email@example.com. In the subject of the email put: "Cancel/reduce my Perkins Loan". In the body of the email, provide your Marywood student ID, first and last name and instructions to reduce or adjust your loan.
Sign your Master Promissory Note and complete Perkins Entrance Loan Counseling per instructions from the University's Cashier's Office.
Funds will disburse on the first day of class, or within 2 to 3 business days of receiving your completed MPN and entrance loan counseling. Your loan funds will first offset any outstanding charges you owe the university for the semester, and after your charges are paid in full, a refund of any excess loan proceeds will be disbursed to you by check.
Visit https://studentaid.ed.gov/types/loans/perkins for information on the repayment obligations for a Perkins Loan.