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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.
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