The federal Perkins Loan is a need-based loan awarded to students with exceptional financial need (the lowest EFC from the FAFSA results). Program funds are limited so it is important to apply early for financial aid. You must have been awarded the Perkins Loan on your financial aid award letter in order to borrow under this federal loan program.
If you were awarded a Perkins Loan and decide to accept it, the St. Cloud State Business Services Office will send new borrowers a master promissory note (valid for the next ten years) and a Rights and Responsibilities Statement to complete the acceptance process. If you are a renewing Perkins borrower you will only receive the Rights and Responsibilities Statement.
There are many positive features of this loan.
Once students are no longer enrolled in school at least half-time (6 credits), they are required to complete loan exit counseling. Borrowers have up to 10 years to repay the loan and under certain conditions there are loan cancellation benefits.
Questions about your Perkins Loan, including deferment, forbearance, or cancellation may be directed to the Minnesota State Colleges & Universities Student Loan Service Center.