*Please note, the Perkins Loan Program will be eliminated on September 30, 2017.*
The U.S. Department of Education has created this loan program specifically for students who are accepted in a degree granting program, attending at least half-time (as defined by their degree program) at a postsecondary institution and meeting satisfactory academic progress standards as defined by the College. Providence College is responsible for determining eligibility for this program each year based on the results of your Free Application for Federal Student Aid (FAFSA) and current federal regulations. In addition, the College also collects and processes all paperwork on the government’s behalf for this program.
Perkins Loans are typically awarded to undergraduate students with exceptional financial need. This is a campus based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government and yearly collections. This program allows students who demonstrate high need, as calculated by the FAFSA, an additional low interest loan option to finance their education. Since funding is limited not every qualified student will be awarded a Perkins Loans.
Loan funds will be credited to your bill each semester provided all appropriate online forms have been completed. Essentially, it is a subsidized loan with the interest being paid by the federal government while the student is in school.
Terms & Conditions
The Perkins Loan Program has no origination fees and the interest rate is fixed at 5%. Repayment for a Perkins Loan begins 9 months after a student graduates or ceases attending school at least half-time. The standard repayment term is 10 years, although one can get access to alternate repayment terms (extended, graduated and income contingent repayment) by consolidating the loans. However, if you consolidate your loans, you could lose your grace period. As your graduation date approaches you will be contacted by the lenders who hold your loan to complete exit counseling make payment arrangements.
Required Online Forms
If you have never borrowed a Perkins Loan while at Providence College then you will need to complete Master Promissory Note (MPN) and Entrance Counseling (EC). Both the MPN and EC only need to be completed once during your attendance at Providence College .
In order to complete both of these requirements you will need your FSA ID. An FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature.
To complete your Perkins MPN
To complete your Perkins Loan EC online
If you have been previously awarded and borrowed a Perkins Loan you are not required to complete another EC or a MPN. The loan amount that appears on your most recent Financial Aid Notice will be automatically applied to your billing statement at the end of the add/drop period in each semester.
If you wish to decline all or part of any loan you have been offered use the Award Letter Response Form to communicate those changes to the Office of Financial Aid.
Students are able to monitor and manage their own aggregate borrowing by logging into the following websites using their FSA ID number at www.nslds.ed.gov or https://www.myedaccount.com/
Maximum Loan Limits
The amount of Perkins Loan you receive is determined by the Office of Financial Aid. The program limits are $5,500 per year for undergraduate students and $8,000 per year for graduate students, with cumulative limits of $27,500 for undergraduate loans and $60,000 for undergraduate and graduate loans combined. Not all students will receive this fund or receive the maximum allowed due to the limited amount in this program allocated to Providence College .
Average Perkins Loan levels that students may be offered for each year of attendance at Providence College many vary based on level of need and packaging policies. Award amounts typically range from $1000 to $1500.