Federal Perkins Loan
Source: The Perkins Loan is a federal Title IV program administered by Beloit College's Financial Aid Office.
Eligibility: Because our funding for the Perkins Loan is limited, the loan is reserved for students who demonstrate extremely high financial need.A student must file a FAFSA, a Beloit College Financial Aid Application, and other supporting documents, as requested, to receive consideration for the Perkins Loan.
How to Apply: The Financial Aid Office will evaluate the student's demonstrated need during the financial aid process and include the Perkins Loan in the financial aid package, if the student is eligible. Borrowers who are new to Beloit College must complete Loan Entrance Counseling before the Financial Aid Office will authorize disbursement of the Perkins funds. Entrance Counseling may be completed online prior to the student's arrival on campus. A Perkins Loan Master Promissory Note (MPN) will be sent to the student during the summer, and the student must return the signed MPN to the Financial Aid Office.
Other Information: Financial need will determine the student's loan amount. Under the terms of the Perkins Loan program, repayment does not begin - and interest does not accrue - until nine months after: 1) the student graduates, 2) the student drops below half-time status, or 3) the student withdraws from school. A student who transfers from Beloit College or goes on to graduate school may file for deferment. Repayment is on a quarterly basis and, once repayment begins, the rate is 5% annually on the unpaid balance. A student will have up to ten years to repay the loan, based on the total amount borrowed.