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Federal Perkins Loan

**PLEASE NOTE** As of October 1, 2015, the Perkins Loan program has started a phase-out process. Future Perkins Loan funds are only going to be available to students whose first Perkins Loan funds were received prior to July 1, 2015, and only to those students who remain enrolled in their same academic program at the same institution.

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 extraordinary financial need. A student must file a FAFSA 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 and a Perkins Loan Master Promissory Note (MPN)may be completed online during the summer prior to the student's arrival on campus.

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.