St. Cloud State University
Types of Financial Aid - Federal
Perkins Loan
Funding for the need-based federal Perkins Loan program is limited so it is important to apply early for financial aid to determine if you are eligible. There are many positive features of this loan.
- No processing or origination fees.
- Fixed interest rate of 5%.
- The federal government pays the interest while you are enrolled at least half-time (6 credits) and during the grace period.
- Repayment begins 9 months after you graduate, withdraw, or enroll less than half-time (6 credits).
- Interest begins to accrue after the 9 month grace period.
Borrowers have up to 10 years to repay and under certain conditions there are loan cancellation benefits.
If you accept the Perkins Loan and you are a first-time Perkins borrower, the SCSU Business Services Office will send you a master promissory note (valid for the next ten years) and a Rights and Responsibilities information sheet to complete the application process. If you are a renewing Perkins borrower you will only receive the Rights and Responsibilities information sheet. Once students are no longer enrolled in school at least half-time (6 credits), they are required to complete loan exit counseling.
Questions about your Perkins Loan, including deferment, forbearance, or cancellation may be directed to:
Minnesota State Colleges & Universities
Student Loan Service Center, Wells Fargo Place
30 7th St. E., Suite 350
St Paul, MN 55101-7804
Tel: 651-917-4700 or Fax: 651-917-4711
Website: www.slsc.mnscu.edu
Email: loans@csu.mnscu.edu
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St. Cloud State University is an affirmative action/equal opportunity educator and employer.
St. Cloud State University is a member of the Minnesota State Colleges and Universities system.
