Federal Perkins Loans are low-interest, long-term loans made through the University to help undergraduate and graduate students pay post secondary educational costs. The Perkins Loan is a federal loan administered by PSU on a revolving loan fund basis, (i.e. while the fund is making loans to students, it is also receiving repayments of earlier loans).
Interest Rate
The annual interest rate charged on the unpaid balance of the Federal Perkins Loan is 5%.
How to Apply!
To apply for a Perkins Loan, file the Free Application for Federal Student Aid (FAFSA) for the Federal Financial Aid programs and complete a PSU data form (available through the PSU Financial Assistance Office or their web site). Priority consideration is given to those who file a FAFSA by February 15 and whose financial aid file is complete by March 15.
Further information may be obtained by phoning or visiting the Office of Student Financial Assistance, Room 103 Horace Mann. Phone (620) 235-4240, or 1-800-854-7488 (PITT).
Grace Period
"Grace Period" is the period of time before the borrower must begin or resume repaying a loan. The grace period is a period of time (generally nine months) that begins immediately after the borrower ceases to be enrolled as at least a half-time student.
Loan Repayment
Repayment of the Perkins Loan begins when the grace period ends. Eligibility for a grace period depends on the type of loan that you received; consult your promissory note for the specifics of your loan. At the time a borrower drops below half-time enrollment or leaves school, Pittsburg State University must conduct an exit interview, during which pertinent information and a repayment schedule are provided to the borrower. The repayment schedule contains the number of payments, interest rate, date of the first payment and frequency of payments. Loan payments are due on the first day of each month. Monthly payment amount depends on the amount borrowed. The repayment period may not exceed 10 years.
Loan Payments and Billing
As payments become due, interest accrues on your unpaid balance at an Annual Percentage Rate of 5%. Payments are based upon the total amount borrowed and are subject to a minimum of $40 per month.
All payments and correspondence about your loan should be sent to:
Pittsburg State University Cashiers and Student Accounts 1701 South Broadway Pittsburg, KS 66762
You always have the right to prepay all or any portion of your indebtedness without a penalty. Until your loan is paid in full, you are required to send us your new address (or name) whenever it changes.
Loan Rehabilitation
Pittsburg State University has established a rehabilitation program for defaulted Federal Perkins Loan borrowers. Borrowers may only utilize the program one time. A loan is considered in default when a payment is late. A defaulted loan will be considered rehabilitated after the borrower makes 12 consecutive on-time monthly payments, as determined by Pittsburg State University.
The benefits of successful loan rehabilitation include:
Request is sent to credit bureau to remove default from credit history
Loan is returned to regular repayment status
Borrower regains balance of benefits and privileges of promissory note as applied prior to default
Borrower re-establishes Title IV student financial assistance eligibility
How to apply:
Borrowers must request loan rehabilitation
Call or send written request
A Loan Rehabilitation Agreement must be negotiated, approved and executed before the loan can be rehabilitated
A defaulted loan may be rehabilitated one time only!
If you have questions about your Federal Perkins Loan, you may contact our office by telephone, e-mail or US mail (see the address above). We are here to help you. Don't Default. Let us help.
E-mail address: mbournon@pittstate.edu
Mailing address:
Pittsburg State University
Cashiers and Student Accounts
1701 S. Broadway
Pittsburg, KS 66762
