Federal Perkins Loan
The Federal Perkins Loan is a need-based, low-interest loan program.
Links have been provided to answer many questions you may have. Remember
the link to ACS is very useful in
providing information and assistance.
The Federal Perkins Loan is made
from a revolving fund at Saint Martin's. This means the money
that we are loaning you is money that another student has repaid
to the Perkins fund. We hope by knowing this you will understand
why repayment of your loan is so important. There will be other
students who come after you who will need financial help too.
Each year the federal government makes a contribution to this
fund on a percentage basis. They are the guarantors of the loan
fund. This means the United States government stands behind
these loans and has a vested interest in their management and
repayment.
This loan consists of principal which is the money
applied to your account. Interest is a percentage of the
principal which is added on to it and which you pay as a fee for
borrowing this money. When you enter repayment, nine months
after you drop below half-time or leave Saint Martin's, you
enter repayment and you repay in monthly installments. You may
be eligible for deferments which permit you to postpone your
payments or for cancellation which means you don't have to repay
your loan at all; based on a percentage per year cancellation
for certain types of service such as teaching, nursing, or
working in the criminal justice system.
Your Federal Perkins
Loan is not your Stafford loan. Both are separate loan programs.
Stafford loans are through a bank. Your Perkins loan is through
this University. Your loan Note and your account are held by the
University and are never sold to another lender. Your loan will
be here and so will we. Please call us for help with any
problems or questions you may have regarding your loan.