FEDERAL PERKINS LOANS
What is a Federal Perkins Loan?
It is a federal loan administered by the Financial Aid Office and maintained by the Cashiers Office. Utah State University is the lender of the Perkins Loan. The loan is made from federal government funds and USU funds. Recipients must have a financial need and be admitted to U.S.U. Priority is given to students enrolled in six or more credits. Funds are limited and awards are made to the earliest, eligible applicants.
How much can I borrow?
The maximum loan amount for the first undergraduate degree is $15,000. The aggregate total, including graduate and professional degrees, is $30,000. Federal regulations and school policy will determine the maximum loan amount for each school year, but undergraduates may receive up to $3,000 per year and graduate students $5,000 per year.
When do I begin repayment on this type of loan?
Repayment begins when you graduate, leave school or drop below six credit hours. Your first payment is due after a nine month grace period. The minimum payment is $40 and the standard repayment period is 10 years.
How do I apply?
Contact the Financial Aid Office for loan counseling materials and a promissory note that must be completed and returned to the Cashiers Office.
What is an exit interview?
When you have completed your education at Utah State, you are required to complete an exit interview. This form must be turned in to the Cashiers Office. Failure to do so will result in a hold being placed on your transcript, diploma and registration for future terms.
Can I consolidate my Federal Perkins Loan?
You can consolidate your Perkins Loan with your other school loans (Stafford). Contact the Financial Aid Office for a list of consolidation companies and help with this process. You may need to make monthly payments while the loan consolidation process is taking place. It is your responsibility to keep your loan current to avoid late fees and negative credit reporting.
How can I get my balance, payoff or other information about my Federal Perkins Loan?
Affiliated Computer Services (ACS) is our billing service provider. You may contact them for any information regarding your Perkins Loan. The first time you use this website you will need to register and setup a password.
How do I make a payment?
You will receive a bill in the mail the month before your first payment is due. This bill will be mailed to the address the Perkins Loan Office has on file. Be sure to keep your contact information current with our office. All loan payments should be made through ACS.
What is a loan cancellation?
Cancellation options are available for Perkins Loans. You may be able to have part or all of your Perkins Loan cancelled if you are employed in one of the following fields.
- Early Intervention Services
- Law Enforcement or Corrections Officer
- Nurse or Medical Technician
- Head Start
- Military Service
- Death and Disability
- Serving as a Peace Corps volunteer or a volunteer under the Domestic Volunteer Service Act
Contact Justin at the Perkins Loan desk with any questions at 435-797-1057 or email@example.com.