Federal Perkins Loans

Low-Interest Loans for High-Need Students

PLEASE NOTE: Effective December 18, 2015, the decision was made to discontinue this program on a gradual basis through the final provisions detailed within the updated Extension Act. New qualifying undergraduate borrowers can be awarded through September 30, 2017, for Spring 2018 disbursement.

The Perkins Loan is a low-interest loan awarded to day undergraduate students on the basis of financial need. The loan is funded by the federal government, but the school acts as the lender. Huntingdon College contracts with Campus Partners to service repayment of the loan funds, therefore payments are made through Campus Partners. Questions concerning repayment on the Perkins Loan may be directed to the Office of Financial Aid at (334) 833-4428.

The interest rate on the Perkins Loan is fixed at 5%. Interest will begin to accrue 9 months after you graduate or drop below half-time enrollment. No payments are required while you’re in school. Repayment begins nine months after you graduate or drop below half-time enrollment and lasts up to ten years, with a minimum monthly payment of $50. You can apply for deferment of your repayment while enrolled in a graduate or professional program or if you become unemployed.

Funding for the Perkins Loan is limited each year, therefore not all eligible aid applicants can be offered an award from the program. In addition to accepting the loan if awarded, the student will need to complete the Federal Perkins loan entrance counseling process, sign a Federal Perkins loan Master Promissory Note, as well as sign a Disclosure notice. These forms will be provided from the SFS office to students who are selected. The Student Financial Services office will select and award to students as funding is available.

Eligibility

• You must complete the FAFSA.
• You must have financial need as determined by the results of the FAFSA.
• You must be enrolled at least half-time at Huntingdon College.
• You must meet and maintain Satisfactory Academic Progress.
• You must meet all other financial aid eligibility requirements.