Perkins Loan Program Changing for Fall
By: DeAnn Possehl
Parkside will not longer be able to offer any new Federal Perkins Loans after September 30, 2015.
What does this mean for students?
Current students who had at least one Perkins loan disbursement by June 30, 2015 will be eligible for a Perkins loan for up to 5 additional years (Sept 30, 2020) if they meet the following criteria:
- Must be continuously enrolled to maintain eligibility (fall and spring)
- Must remain in the same major ( intended, pending or declared)NOTE:Undecided students must declare a major by June 30, 2015
- Must have above a 2.50 GPA
- Must have financial need
- Must be 6 or more credit hours for the Perkins loan to disburse
New freshman and transfer students will be eligible for a Perkins loan for one year only. The loan must be accepted and disbursed by September 30, 2015.
What are the benefits of a Perkins Loan?
- 5% Fixed Interest Rate
- Government pays interest while in school (Just like the Subsidized loan)
- 9 Months grace period (compared to only 6 months for subsidized and unsubsidized loans)
- Perkins Loan Cancellation and Discharge for those who perform certain types of public service or are employed in certain occupations.
Anyone who has questions should contact the Financial Aid office at 262-595-2574.